what is meant by cost accounting? How it is different from
financial accounting
Answer Posted / karthick165
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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Suppose My received Interest Income is 24934.59 And for the same time my Bank Charge total is 7785.19. Now the total Bank Charge will be deducted from Interest Income and the amount of (24934.59-7785.19)=17149.40 will be withdrawn to deposit in govt. Account.What will be the Journal Entry for 17149.40. Here, Already Bank Charge 7785.40 is Already Debited and 24934.59 is already credited in Journal.
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