Accounting or generally known as the “language of business” is the systematic way of recording, reporting and studying financial transactions and business data. The logged information is then used by users who assess the fiscal health and condition of an organization.
Accounting is considered one of the pillars of business, that is why it is very important. A business cannot function without good accounting help.
Accounting has many principles, types, concepts, and processes involved. One of the processes is cost accounting. Cost accounting is generally designed for managers. It is a type of accounting process that aims to achieve the production costs of a company by evaluating the costs of inputs and fixed costs, including the depreciation of capital goods. It measures and records costs and then compares the results of the inputs with the actual results that help the company’s management to measure its financial performance.
It is a field of accounting in which economic performance is measured by means of money. It is where financial statements and reports are produced for presentation to decision makers by collecting and summarizing financial data. It is also where money entering and leaving 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 enough information so that others can assess the value of a business for themselves.
Management accounting or also known as management accounting is where management accounts and reports are prepared that are provided with accurate and timely fiscal and statistical details. Managers need this information in order to make immediate, daily decisions. Generate weekly or monthly reports for heads or executives of companies or organizations. The reports show the amount of cash on hand, the sales revenue produced, the number of orders available, the condition of accounts payable, as well as inventory, raw materials, outstanding debts, and accounts receivable.
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