similarities between cost accounting and financial accounting pdf

Similarities Between Cost Accounting And Financial Accounting Pdf

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On Tuesday, May 11, 2021 3:37:32 AM

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Financial Accounting and Management Accounting – Similarities and Differences.pdf

Asked by Wiki User. The similarities between government accounting and financial accounting is that both involves the balance of accounts. Prime role of cost accounting is to calculate the cost per unit of product produce while financial accounting deals with financial reporting of company's performance. Cost accounting deals with calculating the per unit cost of unit of product while financial accounting deals with reporting of financial performance of the busines. Financial accounting is the process of preparing financial statements using data and figures.

Cost Accounting vs Financial Accounting

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Both financial accounting and cost accounting focus on ways to improve company performance. Financial accounting, however, concentrates on an entire​.


Difference Between Cost Accounting and Financial Accounting

Cost Accounting is a method that records and analyses the cost incurred per unit during the production of goods. Financial Accounting involves recording and analyzing all the financial transactions of a company for a specific period of time. It is then summarised into financial statements that show the profitability of a company or the outcome of operations.

Cost Accounting refers to that branch of accounting which deals with costs incurred in the production of units of an organization. On the other hand, financial accounting refers to the accounting concerned with recording financial data of an organization, in order to exhibit exact position of the business. Cost accounting generates information so as to keep a check on operations, with an aim of maximizing profit and efficiency of the concern. Conversely, Financial accounting ascertains the financial results, for the accounting period and the position of the assets and liabilities on the last day of the period. There is no comparison between these two because they are equally important for the users.

Cost accounting is a specialized branch of managerial accounting that provides detailed information about each individual direct and indirect cost incurred on the production line in relation to the output. Managerial accounting takes the cost accounting information and uses it to create reports that weigh the production costs against the sales revenue. The report information is updated as the production costs change.

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5 Comments

  1. Gemma L.

    (iv) Both cost accounts and financial accounts involve the process of matching the costs and revenues of the related activity for the current period. (v) Both the accounting systems contain the record of direct costs and indirect costs.

    12.05.2021 at 06:45 Reply
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  4. Toby H.

    Read time: 3 mins.

    16.05.2021 at 22:27 Reply
  5. Luigi A.

    Before discussing about differences between financial accounting and management accounting , it is worthwhile to discuss about the similarities between financial accounting and management accounting.

    18.05.2021 at 20:15 Reply

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