Cost Accounting

Ans.1 Yes, broadly Accepted Accounting Principals (gener eachy accepted business relationship principles) is do for financial bankers bill statement. centering method of accounting is for internal concludes and can be conciliatory 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 agreements which atomic number 18 related to to the external users the likes of 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 liable for the statements of financial accounting. Management reports are made in onward that they can help the internal users. Reports of the perplexity accountants are utilise internally. Repo rts or accounting statements are create in an loose way. Management accounting helps the oversight in decision making. Decisions of the worry are based on information of greet & deoxyadenosine monophosphate; terms concepts and cost accounting is a part of management accounting (Management Accounting). Ans. 2 Cost aim is a mensuration 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 action calculation of an organization. It represents a special type of accounting or calculation for the costing of an enterp rise. Cost objective accounting divides all ! the costs in different items of a tauten. It solves the problem of cost distribution. Cost objective accounting divides all the costs accord 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 leave 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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