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Question - Cost Accounting is a branch of accounting and has been developed due to limitations of financial accounting. Financial accounting is primarily concerned with record keeping directed towards the preparation of statements of Profit and Loss and statements of financial position. It provides information regarding the profit and loss that the business enterprise is making and also its financial position on a particular date. The financial accounting reports help the management to control in a general way the various functions of the business but it fails to give detailed reports on the efficiency of various divisions.
Required -
(a) What are the limitations of Financial Accounting which has led to the development of Cost Accounting?
(b) What is the relationship between Financial Accounting and Cost Accounting?
Cost accounting is useful and applicable in business organizations and their environment in many ways.
(c) Explain the areas in which cost accounting may be useful in an organization.
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