Financial accounting is a specialized field of accounting that is responsible for the administration of a company’s financial activities and understanding the disadvantages and limitations of the financial accounting. All transactions are entered, evaluated, and presented in a financial statement or financial report with the aid of regulated guidelines. Regulatory standards are available here. It … [Read more…]
Financial accounting is different from managerial accounting which requires preparing of forecasts and detailed report for managers inside the company. Other branches of accounting include tax accounting, cost accounting and auditing. In this article we will look at various types of financial accounting along with the objectives of financial accounting. The purpose of financial accounting … [Read more…]
Managerial accounting and cost accounting are two significant subfields of accounts. Managerial accounts is useful for determining how much to charge for a product, while cost accounts is useful for determining how much to charge for a product. Both of these types of accounting can help you determine the price of a product. Let us … [Read more…]