Financial Accounting Assignment Help, Homework Help


Accounting -- > Financial Accounting

Financial accounting is primarily concerned with the preparation of financial statements, which summaries the results of operations for selected period of time and shows the financial position of the company at particular date.

A cost accountant is primarily charged with the responsibility of providing the cost data for whatever purpose they may be required. A cost accountant, unlike a finance accountant, acts in a dual capacity. He has an obligation to both external reporting and internal reporting

Financial accountant two important functions are:

1. Determination of product cost, that is necessary in preparation of financial statements.
2. Collection of pertinent quantitative information that will be helpful in solution of complex managerial problems like determination of most profitable mix, make or buy decisions, replace equipments, introduction of new product and discontinuance of a not very profitable product.

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