06-10-2005, 10:43 PM
The Accounting may be calssified into Financial Accounting and Cost or managerial accounting. The Financial Accounting consists of the statements for use of the invertors, labour unions, creditors and other institutions, such a govt. agencies etc. Cost and Managerail Accounting on the ohter hand is concerned with the analysis and accumulation of cost information to be used internally by management for planning , control and decision making.
The main source of accounting information for the common prople is the published financial statements. this information helps the investors in investing, creditors in lending and the stockholders in decision making. hence the financail accounting is closly connected with proper recording , summarising and pressure of on its liabilities, owner's euqity profit/loss. the information goes a long way in protecteing the interest of concerned parties. cost accounting is helpfull in formulating policies, decision making.
Never seek advice from a Chartered Accountant. They are trained to find problems not solutions.
The main source of accounting information for the common prople is the published financial statements. this information helps the investors in investing, creditors in lending and the stockholders in decision making. hence the financail accounting is closly connected with proper recording , summarising and pressure of on its liabilities, owner's euqity profit/loss. the information goes a long way in protecteing the interest of concerned parties. cost accounting is helpfull in formulating policies, decision making.
Never seek advice from a Chartered Accountant. They are trained to find problems not solutions.
