Accounting or commonly known as “company language” is the systematic way of recording, reporting and studying financial transactions and business data. The recorded information is then used by users who assess the fiscal health and the state of an organization.
Accounting is considered one of the foundations of business, so it is very important. A business cannot be run without good accounting help.
Accounting has many principles, types, concepts and processes involved. One of the processes is the cost accounting. Cost accounting is generally designed for managers. It is an accounting type of business that intends to reach a company’s production costs by evaluating the costs of inputs and fixed costs, including depreciation of capital equipment. It measures and records costs and then compares the input results with the actual results that help the company management to measure its financial performance.
It is an accounting area where financial performance is measured using money. This is where accounts and reports must be presented to policy makers by collecting and summarizing the financial data. It is also here that the money that comes in and out of a business or organization is monitored. Financial accounting does not necessarily indicate or report the value of a particular company; rather, its purpose is to provide sufficient information to others to assess the value of a business for itself.
Management accounting or also known as management accounting is where management accounts and reports that are provided with accurate and timely fiscal and statistical details are prepared. This information is needed for managers to make daily and immediate decisions. It generates weekly or monthly reports for business or organization executives or managers. The reports show available cash amounts, sales revenue generated, the amount of available orders, the supplier’s condition as well as inventory, commodities, outstanding debt and receivables.
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