Finance & Accounting

  • Financial Accounting is a systematic tracking of company’s financial transactions. The transactions are recorded, summarized, and presented in Financial Statement of Accounts which is a technical publication which provides a view of the income and expenditure for the year. Financial accounts are part of the company’s accounting system. Companies often use accounting as a way to keep score.

    Benefits For Your Business –

      1. Financial Information About Business
        Accounting makes available financial information ie. the profit earned or loss suffered and also what are the assets and liabilities of the enterprise.To provide information useful for the making economic decision.

      2. Principal Source
        To serve primarily those users who have limited authority ability or resource to obtain information and who rely on the financial statement as their principal source of information about the economic activities of an enterprise.

      3. Facilitates Comparative Study
        To provide information useful to investors and creditors for predicting comparing and evaluating cash flow in terms of amount timing and related uncertainty.

      4. Power Of The Enterprise
        To provide users with information for predicting comparing and evaluating the earning power of the enterprise.

      5. Facilitates loan
        Loan is granted by the bank and financial institution on the basis of growth potential which is supported by the performance.Accounting makes available the information with respect to performance.

    Following are the characteristics features of Financial Accounting :-

    1. Cost accounting views the whole organization from the individual component of the organization like a job, a process etc.

    2. Cost accounting aims at ascertaining the profitability of individual components of the organization.

    3. It is meant for those people who are part of the decision making process of the organization. Thus, it is only for internal use.

    4. It is not a legal requirement. It is not compulsory to maintain cost accounting records.

    5. In Cost Accounting, data is immediately available which facilitates in decision making process.

    6. Cost Accounting considers each and every transaction, whether related to past or future which will have an impact on the business.

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