what is meant by cost accounting? How it is different from
financial accounting
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cost accounting -- a branch of accounting dealing with the
classification, recording, allocation, summarization and
reporting of current and prospective costs and analyzing
their behaviors. Cost accounting is frequently used to
facilitate internal decision making and provides tools with
which management can appraise performance and control costs
of doing business.
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Answer / h.r. sreepada bhagi
Cost Account is a branch of Accounting and is used to
account the transaction in order to arrive at the cost of
various products, with a view to control and reduce the cost
to make it more profitable to the organization. It's meant
mainly for management & to satisfy internal requirement of a
company.
On the other hand, Financial Accounting is concerned with
creating and maintaining the accounting records to enable
preparation of Profit & Loss Account for a Financial period
and Balance Sheet as at the last day of that financial
period. Besides showing the results of business operations
during the year and the assets and liabilities at the end of
the financial period, it's required for external reporting
and also for complying with various statutory requirements
of the concerned countries. Cost Accounting is micro in
nature and Financial Accounting is macro in nature.
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