S.No |
Financial accounting |
Cost and Management accounting |
1 |
It is primarily for external purpose |
It is primarily for internal purpose |
2 |
It provides information about the financial performance and financial position of the business |
It provides information of ascertainment of cost to control cost and for decision making about the cost. |
3 |
It classified records, presents and interprets transaction in terms of money |
It classifies, records, presents and interprets in a significant manner the material, labour and overheads cost |
4 |
It shows the profit or loss of the organization |
It provides the details of cost and profit of each product, process etc |
5 |
Financial statements are prepared for a definite period, usually a year |
Its reports and statements are prepared as and when required. |
6 |
A set format is used for presenting financial information |
There are not any set formats for presenting cost information. |
Book-keeping system: Book keeping is the art of recording monetary transactions in the books of account in a proper manner. It primarily focuses on the recording aspect of the transactions. 1. Single entry system : A system in which we do not record both aspects of the transactions i.e. debit and credit. It is normally used by the small businesses who keep the incomplete record of the transactions. Feature of single entry system: 1. Oldest system of recording. 2. Simple and easy. 3. No professional Knowledge is required. 4. No definite methods or principles. 5. Suitable for small business. 6. No complete record of all transaction 7. Not acceptable by the audit and tax authorities. 8. Income or loss is calculated by increase or decrease in assets and liabilities over a period. 2. Double entry system : It is a system of accounting in which both debit and credit aspects of the transactions are
Casino Games Near You | TheJtm Hub
ReplyDeleteFind the BEST and NEWEST CASINO GAMES & EASONS in Las Vegas at 춘천 출장안마 The JTG Hub! and enjoy 전라북도 출장안마 gaming 광양 출장샵 and the hottest slot machines 전주 출장샵 and table games 순천 출장샵 at the best