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Accounting

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Areas of Accounting

Financial Accounting 

It is the study of accounting, which involves the preparation of financial statements for users such as stockholders, suppliers, banks, employees, customers etc.

Financial statements are prepared for internal as well as external users. In other words, financial accounting is the process of summarizing the financial data of an organization.

Objectives of Financial Accounting

  • To know the profitability of a business
  • To determine the financial health of a business
  • To ensure control over assets
  • To facilitate  cash management
  • To provide required information

 

Cost Accounting

It is the process of collecting, summarizing and evaluating an alternative course of action that helps in minimizing the overall capital cost.  It advises a management about an alternative course of action that is based on cost efficiency. It provides detailed information that is used by a management to control its operations and costs.

It includes various topics:

  • Cost Sheet
  • Standard Costing
  • Cost Volume Profit Analysis
  • Forecasting and Budgeting

To know the difference between cost accounting and financial accounting, visit the following link:

Managerial Accounting 

It is often referred as management accounting and it involves  summarizing, interpreting and evaluating financial information from the point of view of a management. It is related to providing accounting information to a management. It aims at helping a management in its decision-making activities. It supports decisions through planning and controlling operations. Controlling is done when managers compare the actual performance with the budgeted amount to identify the loop holes in the internal control.

Areas of Comparison

Management Accounting

Financial Accounting

Primary users

Managers, employees, supply-chain partners

Owners or stockholders, lenders, customers, governmental agencies

Report format

Flexible, driven by user’s needs

Based on generally accepted accounting principles

Purpose of reports

Provide information for planning, control, performance measurement, and decision making

Report on past performance

Nature of information

Objective and verifiable for decision making; more subjective for planning (relies on estimates); confidential and private

Objective and verifiable; publicly available

Units of measure

Monetary at historical or current market or projected values; physical measures of time or number of objects

Monetary at historical and current market values

Frequency of reports

Prepared as needed; may or may not be on a periodic basis

Prepared on a periodic basis

 

Find below an illustrative list of topics which are covered at Experts land-

Accounting Basics

 

Payroll Accounting

 

Standard Costing

 

Future Value of Money

 

Accounting Concepts

 

Governmental Accounting

 

Activity Based Costing

 

Present Value of Annuity

Accounting Career

 

Non-Profit Organization

Break Even Analysis

 

 

Accounting Principles

 

Investment Accounting

 

Cost of Goods Sold

Cash Flow Statement

 

Chart of Accounts

 

Consolidation Accounting

 

Manufacturing Overhead

 

US GAAP

Bank Reconciliation

 

Inventory Valuation

 

Cost Sheet

 

IFRS

Depreciation

 

Basic EPS and Diluted EPS

 

Marginal Costing

Australian GAAP

Adjusting Entries

 

Bonds Valuation

 

Capital Structure

 

Book Keeping

 

Financial Accounting

Capital Budgeting

 

Income Statement

 

Operating and Cash Cycle

Inventory Management

 

Balance Sheet

 

 

Receivable Management

 

 

Our experts have answered many a question pertaining to the list above (and on several other topics). Some of the questions they have answered are as follows:

Q. I have a turnover of $ 500,000. My wife is a CPA and she is managing the accounts of my firm. However, my friend says that I should appoint some other CPA. Can anyone please tell me what should I do now?

 

Q. How can I build a supply chain in my organization? I am running a shoe manufacturing business. I have 50 employees in my factory and 5 huge machines; every month I pay $10,000 for quality check which is of no use as it takes 5 people who spend the entire day for checking the quality of the shoes that have been produced. I want to establish  a system of merchandising wherein  I do not need so many employees to check the quality of the goods that are manufactured by us.

 

Q. I am running a saloon and i am a bit confused about book keeping. I want to know about the dates that I need to enter into the accounts so that I could record a transaction. For example, if i have received $150 in cash and $200 in cards on the 10th of October andthe credit for the cards is transferred to my bank on the 15th, which date shall i enter for sales ?

 

Q. My question is - As a sole proprietor, how shall I pay money to my friends & relatives as they are working with me without any contract. Shall I make a contract with retrospective effect?

 

Q. I believe that in most situations, a trial balance needs to be prepared. However, what other statements or reports will a client or an accountant require from a 'basic book keeping expert '? I can think of bank reconciliation statement and other such things. Am I missing something important?

 

Q. I need help on transfer pricing; I am situated in the US and have recently opened up a subsidiary in Japan. What is the transfer pricing provision in case I transfer raw material and machines to them? Do I need to take the help of a CPA?

 

Q. With multiple offices, how can I consolidate data with the Peach Tree Accounting software?

 

Q. I am in the middle of an entry; I want to create a new account for accounts payable. What is the shortcut for creating a new account in Myob Software?

 

Our experts have solved various problems concerning accounting questions and have offered quality advice to our clients. Get your accounting answers by Registering HERE.

 

Accounting Questions



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