Interested to Buy Any Domain ? << Click Here >> for more details...
"while Financial accounting is external, cost accouting is
internal to the business" Explain?
- 1 Answers
- 18171 Views
- Deloitte, I also Faced
- E-Mail Answers
Answer Posted / deepa
Financial accounting is the reporting of financial
information to people outside of the business, e.g.
shareholders, creditors, or financial analysts. The reports
consist of financial statements, including the balance
sheet, income statement, statement of capital, and cash
flow statement.
Cost accounting is done primarily for management inside the
business. It consists of determining the cost of producing
a product or a service. Cost accounting information is used
to control the operations of the company, and much of that
information eventually winds up in the financial
statements. However cost accounting information is reported
in whatever form management wants, whereas financial
accounting reports are prepared in standard formats in
accordance with generally accepted accounting principles.
| Is This Answer Correct ? | 79 Yes | 10 No |
Post New Answer View All Answers
what amounts to appropriation of profits? When provision for taxation does not amount to appropriation of profits?
For what purpose ERS is used for?
How can you actualize cah flows of 5 years at 8%
what is budgetory control and what are the types
plz send me a solved paper on SBI of clerk post
how to entry of hra
What are the general Ledgers?
someone plz plz plzz.. send me the sample papers for SBI clerical xams... i need it very badly..
what are the suggestions to control NPA in rural areas?
Can you please help me calculate the pre tax profit for credit card for 2014 using the following Assumptions. Request you to list the steps used. Charges Late fee £12 per occurrence Over limit fee £10 per occurrence Cash fees 3% of cash withdrawal value Annual Fee £25 per account, per year Interchange 1% of transaction value KPIs Accounts overdue 10% per month Accounts over limit 15% per month Average APR 30% Balances revolving 90% of balance Average balance £900 at end of 2013 Expected growth in average balance (2014) 10% per annum Assumptions Open accounts 200,000 at 2013 year-end New accounts booked 5,000 per month Annual operating cost £50 per open account Cost of Acquisition £50 per account Provision rate 9% of total balances Annual cost of funds 4% by balance Charge off Unit charge-off rate in 2014 11% of accounts at 2013 year-end Unit charge-off rate in 2014 0% of accounts booked in 2014 Post charge-off recoveries 20% of balance Account Transactions Monthly turnover 5% of total month end balances Cash advances 20% of monthly turnover Additional Assumptions Please state any additional assumptions you have made to calculate your answer Thanks in advance,
what is span of shares
what is balancesheet adjustment a/c. what is the use of this a/c in sap fico
Do you need an income statement if you do part time contract work at home?
is it necessasary to make a partnership deed
outstanding expenses are the expenses that "unpaid"at the end of the accounting period e.g.salaries rent so they all come to under nominal accounts which is debt all expenses and losses and credit all gains since they are unpaid hence they must be credited
