Lemon and sweet lime may look almost the same except for their size, but they do not taste the same. While one may taste bitter, the other will taste sweeter. Similarly, just because cost accounting and financial accounting come from the same family, it does not mean that they are one and the same. The …
Read moreProven Difference between cost and financial accounting How?
You track your income and expenses to know where your income vanishes by the end of the month. Basically, understanding how much and for what purposes the money was consumed, makes you more cautious of blowing it off the next time. Managing funds is an uphill task for an individual as well as for a …
Read moreFund Flow Statements with examples-prepare in easy way
Nothing in this world comes for Free! There is a cost attached to everything. The concept of cost accounting stems from the fact of how important a cost is. Cost Accounting was introduced to accumulate information to determine the cost incurred in producing a product, providing a service, or setting up a process in accordance …
Read moreWhy are Objectives of Cost Accounting so important?
Human is deemed to commit errors. Yet learning from them and not repeating them is something we tend to practice. In Accounting we need to detect errors and correct them. Let’s increase our Financial Quotient “FQ” by learning easy ways to find these types of accounting & bookkeeping errors & learn how to avoid them. …
Read moreEasy Steps to Detect Accounting & Bookkeeping Errors
Different makeup products are used to enhance different body parts likewise we have different types of accounts categorizing the transactions under different heads. Each of these accounts forms the pillars of the Accounting transactions. Golden rules of Accounting or Bookkeeping rules lays the foundation of Journal Entries. Remembering the Golden Rules of Accounting is important …
Read moreGolden Rules of Accounting- secrets to remember them
