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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