Common Feature
Financial Accounting
Cost Accounting
Objective: Provide information
users
Nature of information
Report to shareholders, external
users
Past, aggregated, for comparison
between
Fixed intervals, yearly
Report to managers
Does not follow standards
Legal requirement
Types of reports
IFRS, MFRS standard for
comparison
Company act
IS, sofp
Scope
Purpose
Company as a whole
Comparison
Timeliness of reporting
Time horizon
Accounting principles used
Past, projected, detailed,
Evaluation, MBO
As when required
No legal requirement
Job cost sheets, cost of goods
manufactured
Segments, departments
manage
Transportation expenditure are categorized into two categories Carriage Inwards and Carriage Outwards.
Explain the classification.