branches of accounts

8/17/2019 Branches of Accounts

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tional Institute of Technology, Warang

N. DURGA CHAITANYA PRASADResearch Scholar, SOM

BY

Presentation

on“Branches o Acco!ntin"#


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WHAT IS ACCOUNTING

The s%ste&atic recor'in", re(ortin", an'anal%sis o )nancial transactions o a *!siness.

The (erson in char"e o acco!ntin" is +non asan acco!ntant, an' this in'i-i'!al is t%(icall%re!ire' to ollo a set o r!les an' re"!lations,

s!ch as the Generall% Acce(te' Acco!ntin"Princi(les.


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BRANCH/S O0 ACCOUNTING


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0INANCIA1 ACCOUNTING

0inancial acco!ntin" in-ol-es recor'in" an'classi%in" *!siness transactions, an'(re(arin" an' (resentin" )nancial state&entsto *e !se' *% internal an' e2ternal !sers.

In the (re(aration o )nancial state&ents,strict co&(liance ith "enerall% acce(te'

acco!ntin" (rinci(les or GAAP is o*ser-e'.0inancial acco!ntin" is (ri&aril% concerne'

in (rocessin" historical 'ata.

O*3ecti-es o 0inancial Acco!ntin"4

Maintenance o Recor's o B!sinesstransactionsCalc!lation o Pro)t or 1ossProcessin" o 0inancial Position

Pro-i'e Inor&ation to the Parties


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0INANCIA1 ACCOUNTING US/RS


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The ter&s 5costin"6 an' 5cost acco!ntin"6 are

oten !se' interchan"ea*l%.Costin" is the techni!es an' (rocesses o

ascertainin" cost.

Cost consists o (rinci(les an' r!les hichare !se' or 'eter&inin"4

7. The cost o &an!act!rin" a (ro'!ct8e."., &otor car, !rnit!re, che&ical, steel,(a(er, etc. an'

9. The cost o (ro-i'in" a ser-ice8 e.".,electricit%, trans(ort, e'!cation, etc.

Cost Acco!ntin" Stan'ar's are &ainl% orinternal !se i.e. &ana"e&ent. It is not to *e

(ro-i'e' to e2ternal (arties

COST ACCOUNTING


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Cost acco!ntin" reers to the recor'in",

(resentation, an' anal%sis o &an!act!rin" costs

It incl!'es the ascertain&ent o the cost oe-er% or'er, 3o*, contract, (rocess, ser-ice or

!nit as &a% *e a((ro(riate.

In an% &an!act!rin" concern, it isnecessar% to +ee( the recor's o 'ail% stoc+sin han', their iss!es an' recei(ts, (a%&ent o

a"es, calc!late' re"ar'in" o-erhea'char"es, )2in" the sale:(rice o the (ro'!cts,to (re(are the *!'"et an' there*% to hel( incost control etc.

Cost acco!ntants anal%;e act!al an'stan'ar' costs to hel( &ana"ers 'eter&ine

COST ACCOUNTING


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Ascertain&ent o Cost4 =ascertain cost o

each (ro'!ct, (rocess, 3o*, o(eration or

ser-ice ren'ere'>

Ascertain&ent o Pro)ta*ilit%=it 'eter&ines

the (ro)ta*ilit% o each (ro'!ct, (rocess, 3o*,

o(eration or ser-ice ren'ere'. >

Classi)cation o Cost4 =Material, 1a*o!r,

/2(enses>

Control o Cost4

0i2ation or Sellin" Prices4

OB?/CTI@/S O0 COST ACCOUNTING


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Mana"e&ent Acco!ntin"

It is a *ranch o acco!ntin" (ro-i'esinor&ation to &ana"e&ent or *etter

a'&inistration o the *!siness.

It hel(s in ta+in" 'ecisions eicientl% ith thehel( o -ario!s Mana"e&ent Inor&ationS%ste&s s!ch as B!'"ets, Cash 0lo an' 0!n'0lo State&ents, @ariance Anal%sis re(orts,Cost:@ol!&e:Pro)t Anal%sis re(orts, Brea+:/-en:Point calc!lation, Ca(ital B!'"etin", or+in" Ca(ital Mana"e&ent etc.

“Mana"e&ent acco!ntin" is concerne' ithacco!ntin" inor&ation that is !se!l in&ana"e&ent#


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Mana"e&ent acco!ntin" is an essential (art

o an or"ani;ation concerne' ith (resentin",i'enti%in" an' inter(retin" 'ata !se' or4

0or&!latin" strate"% Plannin" an' controllin" acti-ities

Decision:&a+in"O(ti&i;in" the !se o reso!rcesDisclos!re to sharehol'ers an' e&(lo%eesSae"!ar'in" assets.


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