Accounting, or generally known as the “language of business,” is the systematic way of recording, reporting, and studying financial transactions and business data. The recorded information is then used by users who assess the fiscal health and condition of an organization.
Accounting is considered as one of the fundamentals 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 obtain 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 the costs and then compares the input results with the actual results that help the company’s management 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 prepared for presentation to decision makers by collecting and summarizing financial data. It is also where the money going in and out of a company or organization is monitored. Financial accounting does not necessarily establish or report the value of a certain company; rather, its purpose is to provide enough information for others to assess a company’s value for themselves.
Management accounting or also known as management accounting is where management accounts and reports are prepared that have accurate and timely fiscal and statistical details. This information is necessary for managers to make daily and immediate decisions. Generate weekly or monthly reports for heads or executives of companies or organizations. Reports show the amount of cash on hand, sales revenue produced, the number of orders available, the condition of accounts payable, as well as inventory, raw materials, outstanding debt, and accounts receivable.
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