Management accounting and financial accounting
What does the difference between management accounting and financial accounting suggest?
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Distinction between the management accounting and financial accounting advises that there are differences among the information requirements of managers and such of other users. Whilst differences unquestionably exist, there is as well a good deal of overlap between such requirements. For illustration, managers will, at times, be fascinated in receiving a chronological overview of business operations of the sort given to other users. Uniformly, the other users would be fascinated in receiving information associating to the future, like the planned level of gains and non-financial information.
Cost Accounting Practice: Any disclosed or recognized accounting process or technique that is used for the measurement of cost, assignment of cost to cost objects and assignment of cost to accounting periods.
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Avoidable Cost: The cost related with an activity which would not be acquired if the activity were not executed.
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Differential Cost: The cost difference predicted when one course of action is adopted rather than others.
Briefly describe the main purpose of the business?
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