Accounting or generally known as the “language of business” is the systematic way of recording, reporting and studying financial transactions and business’ data. The recorded information is then utilized by users who evaluate the fiscal health and an organization’s condition.
Accounting is considered as one of the foundations of business, that’s why it is very important. A business cannot be run without a good accounting help.
Accounting has a lot of principles, types, concepts and processes involved. One of the processes is the cost accounting. Cost accounting is generally designed for managers. It is an accounting process type which intends to attain the costs of production of a company by evaluating the costs of input and fixed costs including capital equipment’s depreciation. It measures and records the costs then compares the input outcomes to the actual results that help the company management measure its financial performance.
It is a field of accounting wherein the economic performance in measured by means of money. It is where financial statements and reports are made to be presented to the decision makers by gathering and summarizing the financial data. It is also where the money coming in and out of a company or organization is monitored. Financial accounting doesn’t necessarily state or report the value of a certain company; rather, its purpose is to provide enough information for others to assess the value of a company for themselves.
Management accounting or also known as the managerial accounting is where management accounts and reports that are provided with precise and well-timed fiscal and statistical details are prepared. This information is needed by managers to be able to make daily and immediate decisions. It generates weekly or monthly reports for companies or organization’s bosses or executives. The reports show available cash’s amount, produced sales revenue, amount of available orders, accounts payable’s condition, as well as inventory, raw materials, outstanding debts and accounts receivable.
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