Cost Accounting

Ans.1 Yes, broadly Accepted Accounting Principals (gener tout ensembley accepted bill principles) is do for monetary invoice statement. centering accountancy is for internal conceptions and can be fictile 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 dodgings which atomic number 18 related to to the external users alike(p) 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 creditworthy for the statements of financial accounting. Management reports are made in remote that they can help the internal users. Reports of the perplexity accountants are employ internally. Reports or accounting statement s are create in an familiar way. Management accounting helps the vigilance in decision making. Decisions of the guidance are based on information of greet & adenylic acid; woo concepts and cost accounting is a part of management accounting (Management Accounting). Ans. 2 Cost accusive is a standard 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 slaying calculation of an organization. It represents a special type of accounting or calculation for the costing of an enterprise. Cost objective accounting div ides all the costs in different items of a ! warm. It solves the problem of cost distribution. Cost objective accounting divides all the costs tally 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 give 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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