|
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. |
The ledger is a book which contains a classified record of all similar transactions of the business, brought from the journal or from books of original entry. Note: the record kept in ledger is called “classified record” or “condensed record”. Types of ledger Ledger accounts can be prepared in the following two ways: 1- “T” accounts form/Traditional/Standard/Conventional form (British) 2- Running Balance Form/Modern Form (American) Different names of ledger Ø Secondary book Ø Book of final entry Note: ledger is King of all books of accounts. Sub-division of Ledger: 1. Debtors’ Ledger or customers’ Ledger or sales Ledger. 2. Creditors’ Ledger or Suppliers’ Ledger or purchase Ledger 3. General Ledger or nominal Ledger.
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