COST ACCOUNTING

Cost Accounting



Cost Accounting

Generally Accepted Accounting Principals (GAAP) is made for financial accounting. Management accounting is for internal purposes and can be flexible to meet the requirements of the organization. Management accounting is done for internal purpose of the organization. Generally, accepted principals govern only those transaction or accounting systems which are related to the external users like the financial reports. In financial accounting, accounts and reports provide financial information to the external users. To ensure the reliability of the financial reports, GAAP makes some rules and principals for the financial accounting.

Management accountants are not responsible for the statements of ...