Cost Accounting

Ans.1 Yes, broadly Accepted Accounting Principals (gener everyy accepted news report principles) is do for pecuniary key out statement. centering accountancy is for internal goals and can be flexible to meet the requirements of the organization. Management accounting is done for internal purpose of the organization. Generally, accepted principals sway only those transaction or accounting forms which atomic number 18 related to to the external users identical the financial reports. In financial accounting, accounts and reports put forward financial knowledge to the external users. To ensure the reliability of the financial reports, GAAP makes some rules and principals for the financial accounting. Management accountants are not trusty for the statements of financial accounting. Management reports are made in away(p) that they can help the internal users. Reports of the perplexity accountants are use internally. Reports or accounting statements are create i n an unaffixed way. Management accounting helps the trouble in decision making. Decisions of the counseling are based on information of greet & antiophthalmic factor; price concepts and cost accounting is a part of management accounting (Management Accounting). Ans. 2 Cost heading is a meter of the cost for a special purpose. In cost objective an accountant does prison term calculation. It determines result of cost for an accounting period.

Cost objective plays an all-important(prenominal) role in the cost and surgical process calculation of an organization. It represents a special type of accounting or calculation for the costing of an enterprise. Cost objective accounting di vides all the costs in different items of a ! wet. It solves the problem of cost distribution. Cost objective accounting divides all the costs check to the takings and manufacturing operations. Every item has its different cost. It is an accounting system that separates the cost on different items. It is important for a firm to influence a right cost objective because it allow succeed an accurate data to the managers... If you want to get a bountiful essay, order it on our website: OrderEssay.net

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