Cost Accounting – This type of accounting is more focused on companies of an industrial nature. It helps to make a detailed analysis of the unit costs of production, sales, and, in general, of the production process that the company carries out.
What do you need to know about administrative accounting?
Administrative Accounting – Administrative accounting is focused on the administrative aspects of the company and is used above all to assess the fulfillment of the established objectives and improve the implemented strategy. It is very useful for making forecasts and planning the actions and resources to be used.
What will be the effect of the following on accounting equation?
The solution for this question is as follows: (i) Started business with cash ₹ 50,000. (ii) Salaries paid ₹ 2,000. (iii) Wages Outstanding ₹ 200. (iv) Interest due but not paid ₹ 100. (v) Rent paid in advance ₹ 150. The solution for this question is as follows: Q.4 What will be the effect of the following on the Accounting Equation?
How to prepare an accounting equation for Q.9?
Q.9 Prepare an Accounting Equation on the basis of the following transactions: (i) Started business with cash ₹ 70,000. (ii) Credit purchase of goods ₹ 18,000. (iii) Payment made to creditors in full settlement ₹ 17,500. (iv) Purchase of machinery for cash ₹ 20,000. (v) Depreciation on machinery ₹ 2,000.
Management Accountant. Also called cost, managerial, corporate or private accountants. They record and analyze the financial information of the clients they work for, and provide it for internal use by managers, not the public.
What does accounting mean in a financial statement?
Accounting is the recording of financial transactions of a business or organization. It also includes the process of summarizing, analyzing and reporting these transactions in financial statements.
What are the different types of accounting processes?
Types of Accounting 1 Financial Accounting. Financial accounting refers to the processes used to generate interim and annual financial statements. 2 Managerial Accounting. Managerial accounting uses much of the same data as financial accounting, but it organizes and utilizes information in different ways. 3 Cost Accounting. …
Which is an example of an accounting record?
Accounting records are all of the documentation and books involved in the preparation of financial statements or records relevant to audits and financial reviews. Accounting records include records of assets and liabilities, monetary transactions, ledgers, journals, and any supporting documents such as checks and invoices.
