!.

%) Fin%nci%l %ccounting is
concerned with reporting to
extern%l p%rties such %s
owners , %n%lysts , creditors,
regul%tory %gencies, etc. itʼs
key difference is th%t,
fin%nci%l %ccounting is %imed
%t providing fin%nci%l
inform%tion to p%rties outside
the org%niz%tion. B)
Fin%nci%l %ccounting must
conform to cert%in
st%nd%rds, such %s GAAP, itʼs
%s % requisite for m%int%ining
their publicly tr%ded st%tus.
C) Fin%nci%l %ccounting
includes inform%tion %bout
firmʼs revenues, expenses ,
%ssets, li%bilities.
#. %) Cost %ccounting is the
br%nch of %ccounting which
de%ls with costs incurred
during the production of %
business entity. It tells us the
expenses of e%ch unit of
e%ch product. In f%ct, cost
%ccounting is % l%rge subset
 of m%n%geri%l %ccounting
th%t specific%lly focuses on
c%pturing % comp%nyʼs tot%l
costs of production by
%ssessing the v%ri%ble costs
of e%ch step of production ,
%s well %s fixed costs. It
%llows businesses to identify
%nd reduce unnecess%ry
spending %nd m%ximize
profits. b) Unlike
fin%nci%l %ccounting, cost
%ccounting isnʼt required to
%dhere to set st%nd%rds %nd
c%n be flexible to meet the
needs of m%n%gement. C).
There r m%ny types of costs
involved in cost %ccounting,
which %re defined %s: fixed
%nd v%ri%ble costs, oper%ting
costs , direct %nd indirect
costs. d) this type of
%ccounting is used by the
intern%l system of business.

Both cost %ccounting %nd

fin%nci%l %ccounting help the
m%n%gement formul%te %nd
control policies.

K. M%n%geri%l %ccounting is the

pr%ctice of identifying ,
me%suring , interpreting ,
communic%ting %nd
%n%lyzing fin%nci%l
inform%tion to m%n%gers for
the pursuit of %nd
org%niz%tionʼs go%ls. %) It
v%ries from fin%nci%l
%ccounting bec%use the
intended purpose of
m%n%geri%l %ccounting is to
%ssist users intern%l to the
comp%ny in m%king well-
informed business decisions.
b). M%n%geri%l %ccount%nts
use inform%tion rel%ting to
the cost %nd s%les revenue of
goods %nd services
gener%ted by the comp%ny.
c) Key difference of
m%n%geri%l %ccounting is
th%t , in m%n%geri%l
%ccounting inform%tion is
 %imed %t helping m%n%gers
within the org%niz%tion m%ke
well informed business
decisions. D) This type of
%ccounting c%n be modified
to meet the needs of its
intended users. This m%y
v%ry consider%bly by
comp%ny or even by
dep%rtment within %
comp%ny. So it %ssures th%t,
techniques used by
m%n%geri%l %ccount%nts %re
not dict%ted by %ccounting
st%nd%rds, unlike fin%nci%l
%ccounting. e) M%n%geri%l
%ccounting encomp%sses
m%ny f%cets of %ccounting,
including product costing,
budgeting , forec%sting %nd
v%rious fin%nci%l %n%lysis .
O. T%x %ccounting refers to
those %ccounting methods
%nd processes ge%red %nd
focusing on t%xes. In T%x
%ccounting is required GAAP
%nd rules th%t %re set by the
Intern%l Revenue Service %nd
Securities . With %udit, GAAP
should be followed, %long
with Public comp%ny
%ccounting oversight Bo%rd.
T"x "ccounting is %
structure of "ccounting
methods focused on t"xes
r%ther th%n the %ppe%r%nce
of public fin%nci%l
st%tements. Most of the time,
t%x system is regul%ted by
the intervention of
government.The prim%ry
difference between the
methods is th%t under GAAP,
%ll fin"nci"l tr%ns%ctions
must be recorded %nd
%ccounted for where%s t"x
"ccounting focuses on the
tr%ns%ctions which h%ve %n
imp%ct on the t"x situ%tion of
the comp%ny, with other
tr%ns%ctions being
omitted.T%x %ccounting
focuses on t%x returns %nd
p%yments r%ther th%n the
 prep%r%tion of public
fin%nci%l st%tements.
T. Fin%nci%l "uditing is the
process of ex%mining %n
org%niz%tion's (or
individu%l's) fin%nci%l records
to determine if they %re
%ccur%te %nd in %ccord%nce
with %ny %pplic%ble rules
(including %ccepted
"ccounting st%nd%rds),
regul%tions, %nd
l%ws.Auditing refers to
fin%nci%l st%tement %udits or
%n objective ex%min%tion %nd
ev%lu%tion of % comp%ny's
fin%nci%l st%tements In other
words, %n %udit is %n
ex%min%tion of the processes
%nd procedures put in pl%ce
by m%n%gement to ensure
th%t %ccounting inform%tion
is recorded %ccur%tely In
%ccounting, %n %uditor is
someone who is responsible
for ev%lu%ting the v%lidity %nd
reli%bility of % comp%ny or
org%niz%tion's fin%nci%l
st%tements.