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Differentiate between cost accounting and financial accounting.
The major differences between cost accounting and financial accounting are as follows −
Records information related to production activities.
Records both historical and forecasted costs.
Main objective is fix selling price of the product by calculating per unit cost.
Both monetary and non-monetary transactions are recorded.
Prepared whenever is necessary.
Not necessary to prepare any statements for public.
No specific format.
Forecasted using budgeting technique.
Stock is valued at cost.
Records information which are financial in nature.
Records only historical cost.
Main objective is to assess the profitability and financial position.
Only monetary transactions are recorded.
Prepared at the end of accounting period.
Public companies prepared as a part of financial accounting.
Not possible to forecast financial accounting.
GAAP and IFRS principles are used.
Stock is valued at market price or cost, whichever is less.
- Differentiate between accounting standards and accounting concepts.
- Differentiate between accounting breakeven point and financial breakeven point.
- Write the differences between financial accounting and management accounting.
- Write the difference between cost accounting and management accounting.
- Differentiate between finance and accounting.
- Differentiate cash accounting and accrual accounting.
- Compare economic cost and accounting cost.
- Differentiate between accounting profit and taxable profit
- Compare accounting and financial management.
- Compare costing and cost accounting
- Compare between accounting concepts and accounting convections.
- Compare between accounting and bookkeeping.
- What is financial breakeven point in accounting?
- Explain accounting period in finance and accounting.
- What is accounting and derive accounting equation?