What is Budget? It is the process of preparing and overseeing a financial document that estimates income and expenses for a period. For business owners, executives, and managers, It is a key skill for ensuring organizations and teams have the resources to execute initiatives and reach goals. In other words, the approved cost estimate for … Read more
What is management accounting? Management accounting is a method of accounting that creates statements, reports, and documents that help management make better decisions related to their business performance. The term ‘Management Accounting’ consists of two words ‘Management’ and ‘Accounting’, which is used to describe the modern concept of accounting as a tool of management in … Read more
What is financial accounting? Financial accounting is the process of identifying, measuring, and communicating economic information to the users of such information. It is concerned with recording business transactions and is directed towards ascertaining the operating result and financial condition. It is a branch of accounting primarily related to recording, classifying, summarizing, and presenting day-to-day … Read more
What is Cost Accounting? Cost Accounting is a Branch of Accounting that has evolved to overcome the limitations of financial accounting. It is the process of accounting for cost, which is concerned more with the ascertainment, allocation, distribution, and accounting aspects of cost. It is that branch of accounting, which deals with the classification, recording, … Read more