Tag: Cost Accounting

What is the Difference between Bookkeeping and Accounting?

What do you mean by Bookkeeping and Accounting? Book-keeping and accounting are often used interchangeably but they are different from each other. Book-keeping provides the basics of accounting whereas accounting is a broader subject. Accounting includes design of accounting system,…

Difference between Financial Accounting and Management Accounting

Financial Accounting: Financial accounting deals with the business transactions and events for the enterprises as a whole and generates information to persons and authorities other than management such as government, creditors, investors etc. Management Accounting: Management accounting is a branch…

Difference between Cost Accounting and Management Accounting

Cost Accounting: It is a special branch of accounting which involves classification, accumulation, assignment and control of costs. Management Accounting: Management accounting is a branch of accounting that collects and provides accounting, cost accounting, economic and statistical information to various…

Material Losses in Cost Accounting

What are Material Losses in Cost Accounting? Losses of material during handling, storage or manufacturing are called as material losses in cost accounting. We could classified material losses into two parts i.e. normal losses and abnormal losses. Normal Losses: Losses which…

What is Cost Accounting? – Objectives & Importance of Cost Accounting

Definition of Cost accounting Cost accounting is a specialized branch of accounting which involves classification, accumulation, assignment and control of costs. It is a formal mechanism by means of which costs of products or services are ascertained and controlled. General…