Financial accounting and cost accounting is essential for any
organization seeking to run their organization effectively and
efficiently.
Financial Accounting is the field that is designed to
protect the interests of the organization and those outsiders that deal
with the organization such as shareholders, creditors etc. On the other
hand, cost accounting deals with the internal management of the
organization that allows efficient management of the firm in the proper
manner.
Within any organization, keeping records of the financial
accounting is a most important and vital requirement. The preparation of
the annual and monthly financial statements is most important legal
requirement. While on the other hand, Cost Accounting
is a mere formality which most of the organization undertake to have
the effective and proper management within the firm. It is not
considered as the legal requirement.
Besides, Financial Accounting
is more linked with the calculation of profits and loss of the
organization. The various states of affairs of the organization are also
taken into account of the complete organization. Whereas, cost
accounting deals with the calculation of the profits of the individuals,
products and departments.
In the Financial Accounting, only those
transactions and finances are taken into account, which are historical
in nature. Cost accounting is related with the finances and the data
that are not only historic but also take into consideration for future
prospects.
While making the Financial Accounting
reports, some written standards have to be maintained called as GASP
that are in accordance with the written rules. Whereas in cost
accounting, it is not necessary to follow the written guidelines, the
management can make the data and tables in any form they like and find
it suitable for them.
There are several online cost accounting and
financial accounting help provided by the various online tutors that is
easily available. Students who want to seek expert guidance on the
subject can easily get the same online.
Since, there are many
problems that students come across while practicing the subject. Seeking
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