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1. Explain Accounting Financial Accounting ,Cost Accounting ,Tax Accounting Next

2. What is accounting? Accounting is the recording of financial transactions along with storing, sorting, retrieving, summarizing, and presenting the results in various reports and analyses. Accounting is also a field of study and profession dedicated to carrying out those tasks. Next

3. Basic Fundamentals of Accounting Accounting is all about the term ALOE. Do not confuse it with the plant! ALOE is a term that has an important role to play in the accounting world and the understanding of the meaning of accounting. Here is what the acronym, “A-L-O-E” means. • A – Assets • L – Liabilities • O E- Owner’s Equity This is one of the basic concepts of accounting. The equation for the same goes like this: Assets = Liabilities + Owner’s Equity Next

4. Financial Accounting Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet. Companies issue financial statements on a routine schedule. The statements are considered external because they are given to people outside of the company, with the primary recipients being owners/stockholders, as well as certain lenders. If a corporation's stock is publicly traded, however, its financial statements (and other financial reportings) tend to be widely circulated, and information will likely reach secondary recipients such as competitors, customers, employees, labor organizations, and investment analysts. Next

5. What is Cost Accounting? Cost is an expense incurred by a particular unit. In another way, the cost is what the business sacrifices in order to produce one unit of product. Cost Accounting Definition – Cost accounting is the art and science of recording, classifying, summarizing, and analyzing costs to help management make prudent business decisions. Next

6. Goals of Cost Accounting The main target of cost accounting are as follows: • To determine the costs for each object • To fix the selling prices • To control the costs by checking the expenses made by a company against the standards that are already set. • To reduce the cost of production and not compromise with the quality. • To determine the closing inventory. • To assist the management of a company regarding the inefficiencies of workers and to optimize the use of resources of an organization. Next

7. Different Types of Cost Accounting Before examining different costs, it is necessary that one should understand the different types of expenses. 1. Fixed Costs: Fixed costs are referred to as those which remain the same despite changes in production, process or projects. For example, in the manufacturing industry, even if there are changes in production, the salaries of all employees will remain the same. 2. Variable costs: The costs that vary with every change in process, production and projects are known as variable costs. For example, in a company that manufactures cars and their parts, the material and labour cost changes according to the production of vehicles and different components. Next

8. Accounting Assignment & Homework Help Next

9. Different Types of Cost Accounting Before examining different costs, it is necessary that one should understand the different types of expenses. 3. Sunk cost: Some costs that are sustained and cannot be improved are referred to as sunken costs. For example, in a car manufacturing unit, the sunken cost is referred to as the machinery costs that cannot be recovered. 4. Opportunity cost: The cost that is incurred for selecting one option over the other is known as opportunity cost. It means that one must always consider the profit of the non-production product, which almost all thecompanies forgo. Next

10. What is Tax Accounting? Tax accounting is a structure of accounting methods focused on taxes rather than the appearance of public financial statements. Tax accounting is governed by the Internal Revenue Code, which dictates the specific rules that companies and individuals must follow when preparing their tax returns Next

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