Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

What,s the difference between cost accounting & financial accounting ?

user-image
Question added by Abdul Rahim Said Rahim , Senior Executive - Business Development , Al Ruwais Plastic Products Trading LLC
Date Posted: 2013/06/15
Tahir Mahmood
by Tahir Mahmood , Freelance Accountant , Mazdoo Accounting

Financial Accounting is the accounting mostly companies adopt to maintain their books of accounts.
Cost accounting is required by companies to know more about the cost beared by companies on generating income.if a company beared1.4million cost on2million sale than we should know about more carefully about the cost occurred during the work process.

Kripesh Krishnan Kutty Nair
by Kripesh Krishnan Kutty Nair , Merchandiser , Al Seer Group

There are3 types of accounting, financial,cost and management.
in financial accounting only past things are considered and it is the original form of accounting, and financial accounting can provide us cost of a group only, but in case of cost accounting, it is prepared for future and it can provide us the cost of a single unit also

Musab Dafallah Ahmed Dafallah
by Musab Dafallah Ahmed Dafallah , مشرف مالي , الشركة السودانية للموارد المعدنية المحدودة

Beneficiaries Interested in providing financial accounting and provide accounting information to external parties such as investor, Aldaninin and unions and so on, while interested in providing cost accounting costs and accounting information to the administrative levels of the facility Goals Financial Accounting aims to provide data on the activity results and financial position and cash flows of an entity Pima interested in cost accounting to provide cost information to parties such as internal administration Kind of reports    Accounting report appears in the form of financial total are relying where Ali Almiadi policies and generally accepted accounting standards in the preparation of those reports, As بانسبة the cost accounting reports are analytical reports based on the needs of the administrative levels of data and information on the costs of production units

Mydeen MM
by Mydeen MM , Senior Accountant , Armada International Electro Mechanical Contracting LLC

A process of identifying, recording, summarizing and reporting economic information to decision makers in the form of financial statements is called coast accounting.
The process which focuses on the specific needs of decision makers external to the organization, such as stock holders, suppliers, banks and government agencies are called financial accounting.

Mohammad Iqbal Abubaker
by Mohammad Iqbal Abubaker , Jahaca Pty Ltd - Accounts Administrator , Jahaca Pty Ltd - Accounts Administrator

I agree with the answer given by Tahir Mahmood   Accounting Consultant.

More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.