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difference Between Cost Accounting and Financial Accounting?
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Answer Posted / adelaida labrador
Cost accounting deals primarily in allocation and
controlling of cost of labor, materials and overhead in the
production of a product. The results is used in the
determination of cost of goods sold and profit margin from
sales. Financial aacounting is concerned with analyzing,
summarizing, recording and reporting of all financial
activities of a business in the P & L and statement of
financial position based on company's established policy
and procedures, generally accepted accounting principles
and or IFRS.
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