Category Archives: Accounting

Difference between financial accounting and cost accounting

Financial Accounting Vs Cost Accounting 1) It involves the preparation of a set of final accounts for each accounting period in accordance with the accounting standards and company legislation. It gives the overall financial picture of a company. 1) It is an internal management tool which provides appropriate timely information of management to help them Continue Reading »

Reconciliation between the financial and Cost Accounts

1.1 Where accounts are maintained on the integral system, there are no separate cost accounts and financial accounts. Hence, the question of reconciliation of cost and financial accounts does not arise. However, where separate sets of books are maintained for cost accounting and financial accounting system, it is imperative that periodically the two accounts are Continue Reading »

1 2 3