Financial accounting and cost accounting is essential for any organization seeking to run their organization effectively and efficiently.
Financial Accounting is the field that is designed to protect the interests of the organization and those outsiders that deal with the organization such as shareholders, creditors etc. On the other hand, cost accounting deals with the internal management of the organization that allows efficient management of the firm in the proper manner.
Within any organization, keeping records of the financial accounting is a most important and vital requirement. The preparation of the annual and monthly financial statements is most important legal requirement. While on the other hand, Cost Accounting is a mere formality which most of the organization undertake to have the effective and proper management within the firm. It is not considered as the legal requirement.
Since, there are many problems that students come across while practicing the subject. Seeking the support and help such as assignment help and Homework Help can solve these problems and queries.
Besides, Financial Accounting is more linked with the calculation of profits and loss of the organization. The various states of affairs of the organization are also taken into account of the complete organization. Whereas, cost accounting deals with the calculation of the profits of the individuals, products and departments.
In the Financial Accounting, only those transactions and finances are taken into account, which are historical in nature. Cost accounting is related with the finances and the data that are not only historic but also take into consideration for future prospects.
While making the Financial Accounting reports, some written standards have to be maintained called as GASP that are in accordance with the written rules. Whereas in cost accounting, it is not necessary to follow the written guidelines, the management can make the data and tables in any form they like and find it suitable for them.
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Financial accounting vs Cost Accounting- Gets Your Finances