Finance General Faqs

What is the difference between cost accounting management accounting and financial accounting?
For simplistic purposes, there is not much, if any, difference between "cost accounting" and "management accounting". These terms refer to the accounting techniques used internally by a company's management to determine the costs of running th...... More »
Where the financial accounting fails the cost accounting for is rescue but still there are some limitations deficiencies in the system?
Accounting has been a part of today's life in today's environment and it has to be given more progress because it is very important ...... More »
What are the effects of international accounting standards on accounting practices of developing nations?
Adoption of international accounting standards is extremely costly. Developing counties usually use accounting standards that are most beneficial to them (based on who they trade with to ease accounting for transactions) or just another country...... More »
Does the accounting system appear to facilitate one specialty from financial, auditing, or cost managerial or tax accounting over the others?
The elegance of Accounting is that it is a purveyor of information, organized into systems, and exploited for a particular purpose. That is because Accounting is vague. Interestingly, information from accounting can be split into to methods: 1. Va...... More »
What is the difference of Cost Accounting and Financial Accounting?
Financial accounting encompasses all account presented on the face of the financial statement, its presentation, recognition, measurement and disclosures. Where as cost accounting is only focused on the cost of inventory. ...... More »
What is the distinction between cost accounting and management accounting?
Cost accounting is concerned with cost accumulation for inventory valuation to meet the requirements of external reporting and internal profit measurement. Management accounting relates to the provision of appropriate information for decision...... More »
What is the difference between financial accounting and management accounting?
Very briefly, the difference has to do with the needs of the user. Management accounting for is the internal users of an entity and Financial Accounting is for the external users. Internal users (management) may be interested in...... More »
What is the difference between the accrual accounting and cash accounting?
The Cash Basis of accounting reports only transactions that have been completed in the current reporting period - or - what has "hit" the checking account (assuming all funds are deposited and disbursed only from that account) - The Accrual Basis ...... More »
When a company s accounting year-ends on a day that is other than the end of the calendar year what is called in accounting?
Fiscal year ...... More »
What are steps to define supplier?
Supplier should follow the check list. 1 He should create confidence in the client mind 2 Services to be done (fulfilled in time) 3 Services to be done according the specification of the client 4 He should ...... More »