Академический Документы
Профессиональный Документы
Культура Документы
TEAM MEMBERS
NISHA SEHRAWAT KOMAL PRIYA RASHI AGARWAL
MANAGEMENT ACCOUNTING
Internal(Managers of business, employees) Help managers plan and control business operations
Cont.
Financial accounting Highly aggregated information about the overall organization. Must be accurate and timely Compulsory under company law is an end in itself Management accounting Disaggregated information to support local decisions. Usually approximate but relevant and flexible except for few companies, it is not mandatory Is a mean to the end
Cont
Financial accounting It provides information about financial performance and financial position of the business. It classifies records, presents and interprets transactions in terms of money. Management accounting It provides information of ascertainments of costs to control costs and for decision making about the costs. It classifies, records, presents and interprets in a significant manner materials, labor and overhead costs.
Cont
Financial accounting It is primarily concerned with reporting for the company as a whole. Manangement accounting Segment reporting is the primary emphasis
Cont.
Financial accounting They are prepared for a definite period, usually a year. A set format is used for presenting financial information. Cost accounting They are prepared as and when required. There are no set formats for presenting cost informations.
Financial statements
INCOME
Income statement
The income statement reports a company's profitability during a specified period of time. The period of time could be one year, one month, three months, 13 weeks, or any other time interval chosen by the company.
The main components of the income statement are revenues, expenses, gains, and losses. Revenues include such things as sales, service revenues, and interest revenue.
Balance Sheet
The balance sheet is organized into three parts: (1) assets, (2) liabilities, and (3) stockholders' equity at a specified date (typically, this date is the last day of an accounting period).
Cost accounting
In cost accounting there are two types of costs:1. Variable cost 2. Fixed cost