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  • Cost & Management Accounting

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    Muhammad Tahir Yaseen
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    There are three branches of accounting: financial accounting which is for external purposes, cost accounting which is for internal purposes like managers and directors, and management accounting which also serves internal purposes like aiding management decisions. Costs can be classified as either direct costs, which can be fully traced to a specific product or service, or indirect costs, which cannot be directly traced. Management is the central coordinating body within an organization.

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    There are three branches of accounting: financial accounting which is for external purposes, cost accounting which is for internal purposes like managers and directors, and management accounting which also serves internal purposes like aiding management decisions. Costs can be classified as either direct costs, which can be fully traced to a specific product or service, or indirect costs, which cannot be directly traced. Management is the central coordinating body within an organization.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    10 views1 page

    Cost & Management Accounting

    Uploaded by

    Muhammad Tahir Yaseen
    There are three branches of accounting: financial accounting which is for external purposes, cost accounting which is for internal purposes like managers and directors, and management accounting which also serves internal purposes like aiding management decisions. Costs can be classified as either direct costs, which can be fully traced to a specific product or service, or indirect costs, which cannot be directly traced. Management is the central coordinating body within an organization.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Three branches of accounting

     Financial accounting (for external purpose)


     Cost accounting (for internal purpose only like managers, directors)
     Management accounting (

    Management

    Management is the central coordinating body in an entity.

    Classification of Cost

    1. Direct Cost
    2. Indirect Cost

    Direct Cost:

    Cost that can be traced in full to the product or services is direct cost.

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