Question
Distinguish between accounting and cost accounting
Answer :
Word Count : 1151
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Skip in 10
# Distinguish Between Accounting and Cost Accounting Accounting and cost accounting are closely related branches of the accounting discipline, but they differ in their objectives, scope, methods, and uses. Accounting is a broad system concerned with recording, classifying, summarising and reporting the financial transactions of an organisation. Cost accounting is a specialised branch of accounting that focuses mainly on determining and controlling the cost of products, services, activities and operations. In an academic library system, both forms of accounting can be useful because libraries have to maintain financial records while also controlling the cost of providing information and services to students, teachers and researchers. Accounting, often called financial accounting when it deals specifically with financial reporting, is concerned with systematically recording monetary transactions. It provides information about the financial position and financial performance of an organisation. It records transactions such as purchases, salaries, subscriptions, grants, maintenance expenses, receipts and payments. The information produced through accounting is generally presented through financial statements and other financial reports. Cost accounting, on the other hand, is concerned with identifying, measuring, analysing and controlling costs. It attempts to determine how much an activity, service or operation actually costs. Cost accounting may classify costs according to their nature, behaviour, function or relationship with particular activities. It helps management understand where money is being spent and where savings or improvements can be achieved. One major difference between accounting and cost accounting is their scope. Accounting is a wider concept. It includes the recording and reporting of financial transactions and may cover financial accounting, management accounting and other related activities. Cost accounting is narrower and more specialised. It concentrates particularly on costs and their analysis. Thus, cost accounting can be considered an important specialised area within
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