What is the difference between a financial accounting information system and a cost management information system?

Q: The definition of the cost is the collection of cost data in some organized way by means of an…

A: Cost is amount of cost incurred

Q: Explain the Problems in Cost Accounting Measurements?

A:

Q: How the system of cost accounting has overcome the limitations of financial accounting. Explain it…

A: Cost Accounting -: Cost accounting is a procedure of administrative accounting that aims to…

Q: What is the basic difference in orientation between financial and management accounting?

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: Please explain with examples briefly benefits of accounting system for automated cost accounting?

A: Cost accounting: It is a form of managerial accounting which focuses on calculation of company's…

Q: Explain the relationship between the Cost Management System and the Financial Accounting System

A: Point of Differences Financial Accounting System Cost Management System Meaning…

Q: . What are the three principle objectives of cost accounting system?

A: Cost accounting system is a system in which all the costs related to manufacturing, selliing the…

Q: Is the value chain in a managerial accounting a tool that primarily assists in the valuation of…

A:

Q: What is a computerized accounting system? Write its advantages and disadvantages?

A: Computerized Accounting System It is a system where accounting Transactions are recorded using a…

Q: What is management accounting?

A: Financial accounting: Financial accounting is different from managerial accounting. Financial…

Q: The person MOST likely to use management accounting information is a:

A: Management Accounting Managerial accounting is a branch of accounting that is concerned with the…

Q: The branch of accounting that deals with evaluating the cost of products is called: O a. Financial…

A: The branch of accounting that deals with the cost of products is used to ascertain and allocate the…

Q: Explain whether the cost of accounting systems primarily support internal or external reporting

A: Cost Accounting System: Cost accounting system can be defined as a framework designed by the…

Q: In Cost accounting the main emphasis is on ?

A: Cost accounting is the classification, documentation, and appropriate distribution of expenditure…

Q: How an accounting information system can improve the efficiency and effectiveness of the supply…

A: solution:- Introduction:- An information system play vital role in every organization. It is the…

Q: What are the differences between cost accounting and cost management?

A: Cost Accounting: Cost accounting refers that branch of accounting, which records and analyzes the…

Q: What is the purpose of Classifying Costs for Financial Statement?

A: Cost Classifications helps the management in analysing the overall effect on the assets and…

Q: explain and describe the various costing method in management accounting.outline their advantagesand…

A: A cost is assigned to a product made using product costing methodologies. Each of these strategies…

Q: Why is it important for Logistics and Procurement Managers to have knowledge in Financial Management…

A: LOGISTIC AND PROCUREMENT MANAGERS HAVING KNOWLEDGE OF FINANCIAL MANAGEMENT ARE VERY MUCH BENEFICIAL…

Q: How you relate the differential cost with management of revenue in management accounting.

A: Management Accounting is a type of accounting which is used within the company for the purpose of…

Q: What is the similarities and defference between cost accontant, management accountant and fanincial…

A: Cost accountant deals with ascertainment, allocation, recording and analysis of accounting data. It…

Q: What is cost accounting?

A: What is cost accounting?

Q: Who are the focused users/stakeholders of financial accounting and cost accounting?

A: Financial and Cost accounting are the major accounting area in an organization. It will helpful to…

Q: What do you mean by cost accounting? Write about its types in brief with examples

A: Accounting is a procedure whereby an individual can record financial transactions of the business.…

Q: Describe the impact that the cost constraint has on reporting accounting information.

A: Accounting information not only must be relevant and faithful, they must also pass the economic test…

Q: How is cost accounting information used by management? Why is unit cost information important to…

A: Cost Accounting:-It is a method of calculating and assessing the cost and expenses related to the…

Q: What is task data dependency? (this is related to Accounting Information Systems

A: Accounting Information system is a set of components used for gathering, making, storing, preparing,…

Q: What types of management reports are prepared by the cost accounting system?

A: Definition: Cost accounting systems: It is a system which measures, record, and reports the product…

Q: Under what type of responsibility would cost accounting go under? managerial accounting, tax…

A: Cost accounting is a branch of accounting which is used to determine the costs of different…

Q: what similarities do management and financial accounting have?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Cost accountancy

A: Cost accountancy is the application of cost accounting principles, methods and techniques to…

Q: Why is it important for logistics and procurement managers to have knowledge in financial…

A: Financial management is concerned with obtaining and effectively utilizing the funds necessary for…

Q: Describe accounting concepts useful in classifying costs.

A: Costs of a business can be classified on various basis On the basis of cost behaviour On the basis…

Q: What is cost management, and how does it differ from management accounting and cost accounting?

A: Cost accounting and management accounting are two different forms of accounting, that is being…

Q: How do accounting books handle over and under absorption of overheads?

A: Under absorption takes place when the amount is absorbed lower than the actual whereas,…

Q: e category you put cost accounting, inventory management and budgeting?

A: Accounting is called the process of compiling and checking all the transactions of a company in…

Q: Which of the following is one of the difference between management accounting and cost accounting.

A: Difference between management accounting and cost accounting is given below,

Q: How do the product costs move through the various accounts and affect the balance sheet and income…

A: Every transaction that takes place in a firm is reflected in various accounts and eventually gets…