What do you mean by 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.

What is cost accounting?

Cost accounting involves the techniques for:
1.

determining the costs of products, processes, projects, etc. in order to

report the correct amounts on the financial statements, and
2.
assisting management in making decisions and in the planning and
control of an organization.
Cost accounting is mostly concerned with developing an understanding of where a company earns and
loses money, and providing input into decisions to generate profits in the future.

management accounting
The process of preparing management reports and accounts that provide accurate and timely financial and
statistical information required by managers to make day-to-day and short-term decisions.
Unlike financial accounting, which produces annual reports mainly for external stakeholders,
management accounting generates monthly or weekly reports for an organization's internal audiences such
as department managers and the chief executive officer. These reports typically show the amount of available cash, sales
revenue generated, amount of orders in hand, state of accounts payable and accounts receivable, outstanding debts, raw
material and inventory, and may also include trend charts, variance analysis, and other statistics.
Also called managerial accounting.

DEFINITION of 'Branch Accounting' An accounting system in which separate accounts are

maintained for each branch of a corporate entity or organization. The primary objectives
of branch accounting are better accountability and control, since profitability and efficiency can
be closely tracked at the branch level.

Amalgamation
Amalgamation is a union of two or more companies, made with an intention to form the
company.
It is an agreement (deal) between two or more companies to consolidate (strenghthen)
their business activity by establishing a new company having a separate legal
existence.
Amalgamating Co. are those two or more companies which willingly unite (combine)
to carry on their business activities jointly.

Amalgamated Co --- is newly formed union (alliance) of two or more amalgamating

companies. It has separate legal existence with a unique name.