From the given data, frame a question such that both addition as well as subtraction are required to solve it. Solve the question framed. Data : Factory A produced 80,000 items, factory B produced 1.20.000 items and factory C produced 90,000 items in a week.
Answers
Answer:
In financial accounts, the monetary transactions of the business are recorded, classified and
analysed in an orderly manner, so as to prepare periodic results in the form of profit and loss
account or income statement and balance sheet, indicating the financial position of the
business
at the end of that period. The financial accounting is guided by various rules and regulations,
some of which are mandatory. The system cannot normally deviate from the accepted
accounting practices.
The object of financial accounting is to provide information mainly to outsiders such as
shareholders, investors, government authorities, financial institutions, etc. The analysis and
interpretation of financial data contained in the income statement and the balance sheet enable
persons interested in the business to make meaningful judgement about the profitability, liquidity
and solvency of the enterprise. Besides, income-tax, central excise, banks and
insurance companies rely on the data contained in the financial statements.Cost accounting,
on the other hand, deals with the ascertainment of the cost of product or service. It is a tool of
management that provides detailed records and reports on the costs and expenses
associated with the operations, mainly for internal control and decision making. Cost
accounting basically relates
to the utilisation of resources, such as material, labour, machines, etc. and provides information
like products cost, process cost, service or utility cost, inventory value, etc.so as to enable
management taking important decisions like fixing price, choosing products, preparing
quotations, releasing or withholding inventory, etc.
The objective of cost accounting is to provide information to internal managers for better
planning and control of operations and taking timely decisions. In the early stages, cost
accounting was considered as an extension of financial accounting. Cost records were
maintained separately. Cost information and data were collected from financial books, since all
monetary transactions are entered in the financial accounts only. After developing product
cost or service cost and valuation of inventory, the costing profit and loss account is prepared.
The profit and loss figures so derived by the two sets of books i.e. f
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