--%>
Assignment Help - homework help

Different streams of accounting

Write down the different streams of accounting?

E

Expert

Verified

i) Financial Accounting: is the course in that business transactions are recorded methodically in the different books of accounts managed by the organization in order to make financial statements.

ii) Cost Accounting: is the procedure of recording and classifying of expenditure sustained throughout the operations of the organization in a methodical way, in order to determine the cost of a cost center with the objective to control the cost.

iii) Management Accounting: is the procedure of study, presentation and interpretation of accounting information gathered with the assist of cost accounting and financial accounting, in order to aid management in the procedure of decision making, creation of policy and daily operation of an organization. Therefore, it is clear from the above that the management accounting is based on cost accounting and financial accounting.

   Related Questions in Accounting Basics

  • Q : Explain Balance Sheet Describe briefly

    Describe briefly the term Balance Sheet? Why is Balance Sheet prepared?

    		•
  • Q : Intermediate Accounting 2 I have

    I have reviewed the questions within the assignment and I am confused on how to read the financial statement (maybe because we did not cover this information within the class.) I understand the basics of financial statements and I understand the terms used within the questions, but I am not sure I a

    		•
  • Q : Hospitality management accounting

    Please complete each of the 3 (three) tasks listed at the end of the problem based on the information below information. Joe Fast started a mobile snack food service on January 2, 2006, investing $15,000 cash depositing in a bank account in the name of “Fast Snacks.” He purchased a second hand, ful

    		•
  • Q : PPE The following information is taken

    The following information is taken from the financial statements of an entity: 20x6 20x5 Property, plant and equipment $4,100,000 $3,600,000 Accumulated depreciation (1,400,000) (1,050,000) Depreciation expense 650,000 Gain on disposal of PPE 35,000 The asset disposed of had a cost of $400,000

    		•
  • Q : Maximum level of inventory levels Give

    Give a brief introduction of the term Maximum level of inventory levels?

    		•
  • Q : Scope of Management accounting Write

    Write down the scope of Management accounting?

    		•
  • Q : Minimum application at which equity

    If equity shares are being issued at par what is the minimum application?

    		•
  • Q : Gnatt Task Bonus System Give a small

    Give a small introduction of the term ‘Gnatt Task Bonus System’?

    		•
  • Q : Organisation and Management Part A:

    Part A: What are some of the impediments to good decision making? Given the availability of copious information, why do good managers still make bad decision? (Schernerhorn et al., 2011, p.73). Explain referring to theory in your answer. (Approximately 1700 words). Part B: Critically reflect on your

    		•
  • Q : Describe revaluation method to

    Briefly describe revaluation method to calculate depreciation?

    		•