Accountancy, asked by bhatias563, 1 year ago

Difference between financial accounting and cost accounting on basis of entry system

Answers

Answered by ancypeter
0
1,The object of financial accounting is to record various transactions with the purpose of maintaing accounts and to know the financial position and to find out profit loss at the end of financial year.but the object of cost accounting is to record the cost of producing a product or a service.
2,Financial accounting is mainly concerned with the historical data.Cost accounting uses both past and present figure.
3,Financial account are governed by the generally accepted principles and conventions.Certain principles and procedures are followed for recording cost of different products.

Answered by Anonymous
0

Answer:

1,The object of financial accounting is to record various transactions with the purpose of maintaing accounts and to know the financial position and to find out profit loss at the end of financial year.but the object of cost accounting is to record the cost of producing a product or a service.

2,Financial accounting is mainly concerned with the historical data.Cost accounting uses both past and present figure.

3,Financial account are governed by the generally accepted principles and conventions.Certain principles and procedures are followed for recording cost of different products.

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