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Introduction To Cost Accounting

The document introduces cost accounting and discusses the differences between financial accounting and management accounting. Cost accounting deals with recording and summarizing costs spent on company activities. Financial accounting reports information externally while management accounting provides internal reports for decision making.

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Ivory Claudio
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38 views1 page

Introduction To Cost Accounting

The document introduces cost accounting and discusses the differences between financial accounting and management accounting. Cost accounting deals with recording and summarizing costs spent on company activities. Financial accounting reports information externally while management accounting provides internal reports for decision making.

Uploaded by

Ivory Claudio
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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INTRODUCTION TO COST ACCOUNTING

COST ACCOUNTING
- Is a branch of accounting that deals with the process of recording and summarizing the
amount of cost that is spent on the company’s activities. It includes all costs of
process,0r service used, provided and sold.

Labor Intensive
- More skilled laborer (human)
Capital Intensive
- More on machines

FINANCIAL ACCOUNTING VS. MANAGEMENT ACCOUNTING

Financial Accounting
Reports accounting information to the external users of the accounting information and of the
product of accounting which is financial statements are being used by the external users.

Management Accounting
- Reports that been used by owners and managers in order for them to do proper
decision making
Financial Accounting Management Accounting
Definition Accounting is an information Accounting system by which
system that identifies record information are presented
and communicates the and supplied to management
economic events of an in appropriate manner to
organization operate business smoothly
and efficiently
User External persons who makes Managers who plan for and
financial decisions control an organization
Time focus Historical perspectives Future emphasis
Verifiability vs Relevance Emphasis on verifiability Emphasis on relevance for
planning and control
Precision vs timeliness Emphasis on precision Emphasis on timeliness
subject

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