Tag Archives | Differences

Difference between Stakeholders and Shareholders | Financial Accounting

This article will help you to learn about the differences between stakeholders and shareholders. Shareholders are definitely the important stakeholders of a company; nevertheless they are not the only group who are interested in the company’s activities, its financial performance, financial position and cash flows. Of course, the shareholders in addition would be interested to […]

Cost Accounting and Financial Accounting | Accounting

0The upcoming discussion will update you about the differences between cost accounting and financial accounting. Difference # Cost Accounting: 1. Cost accounting is an internal reporting system for an organization’s own management for decision making etc. 2. Cost accounting is more concerned with short-term planning and its reporting period is much lesser than Financial Accounting. […]

Cost Accounting and Management Accounting: Difference

The upcoming discussion will update you about the differences between cost accounting and management accounting. Difference # Cost Accounting: 1. Cost accounting is concerned more with the ascertainment, allocation, distribution and accounting aspects of costs. 2. The Cost Accounting data generally serves as a base to which the tools and techniques of Management Accounting can […]

Difference between Fixed Budget and Flexible Budget | Costs

The upcoming discussion will update you about the differences between fixed budget and flexible budget. Difference # 1. Fixed Budget: 1. Costs are not classified according to their variability, i.e., fixed, variable and semi- variable. 2. Fixed budget is inflexible and remains the same irrespective of the volume of business activity. 3. Fixed budget assumes […]

Job Costing and Contract Costing | Cost Accounting

The upcoming discussion will update you about the differences between job costing and contract costing. Difference # Job Costing: 1. Job work is carried in the premises. 2. An order, a unit, lot or batch of product may be taken as cost unit. 3. Cost is first allocated to cost centres and then charged to […]

Job Costing and Process Costing | Cost Accounting

The upcoming discussion will update you about the differences between job costing and process costing. Difference # Job Costing: 1. Job costing is concerned with the cost of an individual job or batch regardless of the time taken to produce it. 2. A job is carried out or a product is produced to meet the […]

Difference between Cost Audit and Financial Audit | Auditing

The upcoming discussion will update you about the differences between cost audit and financial audit. Difference # Cost Audit: 1. Covers only select specified industries. Product wise coverage and not the whole company. SSI units are exempted. 2. Applicable only after issue of the order by Central Government. 3. By a Cost Accountant. 4. Appointment […]

Standard Costing and Budgetary Control | Cost Accounting

The upcoming discussion will update you about the differences between standard costing and budgetary control.   Difference # Standard Costing: 1. Standard costing is a system of accounting where predeter­mined costs are used for analysis of variances and control of the entire organization. 2. Standard costs are scientifically predeter­mined in respect of materials, labour, overheads. It […]

Funds Flow Statement and Income Statement | Financial Management

The funds flow statement and income statement have different functions and their main differences are summarized below: Difference # Funds Flow Statement: 1. Funds flow statements main objective is to ascertain the funds generated from operations. It reveals the sources of funds and their applications. 2. Funds flow statement is prepared based on the financial […]

Funds Flow Statement and Cash Flow Statement | Financial Management

Both Funds flow and Cash-Flow statements are used in analysis of past transactions of a business firm. The differences between these two statements are given below: Difference # Funds Flow Statement: 1. Funds flow statement is based on accrual accounting system. 2. Funds flow statement analyses the sources and application of funds of long-term nature […]

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