Financial Accounting

Financial Accounting means it is a process of recording, summarizing and reporting the many of transactions from a business, so as to provide an accurate picture of its financial position and performance. The primary objective of financial accounting is the preparation of financial statements – including the balance sheet, income statement and cash flow statement.

Controlling and Costing Materials

Controlling and Costing Materials: After studying this chapter you should be able to: Effective materials management is essential in order to (1) provide the best service to customers, (2) produce at maximum efficiency, and (3) manage inventories at predetermined levels to stabilize investments in

Difference Between Financial and Managerial Accounting (Financial Accounting Vs Managerial Accounting)

Difference Between Financial and Managerial Accounting (Financial Accounting Vs Managerial Accounting): Learning objectives of this article: Compare and contrast financial and managerial accounting. What is difference between financial and managerial accounting? Financial accounting reports are prepared for the use of external parties such as

Introduction to Managerial Accounting

Introduction to Managerial Accounting:   After studying this chapter you should be able to: Identify the major differences and similarities between financial and managerial accounting. Understand the role of management accountants in an organization. Understand the importance of upholding ethical standards. What is managerial accounting? Managerial accounting is concerned with