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Relationship of Cost Accounting, Financial Accounting, Managerial Accounting and Financial Managerial
Cost Accounting has been developed because of the limitations of Financial Accounting from the outlook of management control and internal reporting.Investment decisions relate to the effective deployment of scarce resources in terms of funds while the Financing decisions are concerned with acquiring optimum finance for attaining financial objectives.On the other hand, Managerial Accounting refers to managerial processes and technologies that are focused on adding value to organizations by attaining the effective use of resources, in dynamic and competitive contexts.Financial accounting executes the function of exposing a true and fair
overall picture of the results or activities carried on by an enterprise during a period (via statement of profit and loss) and its financial position at the end of the year (via balance sheet).Such a process of management is known as Financial Managerial.
Relationship of Cost Accounting, Financial Accounting, Managerial Accounting and Financial Managerial
Cost Accounting has been developed because of the limitations of Financial Accounting from the outlook of management control and internal reporting.
Financial accounting executes the function of exposing a true and fair
overall picture of the results or activities carried on by an enterprise during a period (via statement of profit and loss) and its financial position at the end of the year (via balance sheet).
Also, on the basis of financial accounting, effective control can be exercised on the property and assets of the enterprise to ensure that they are not misused or misappropriated.
To that extent financial accounting helps to assess the overall progress of
a concern, its strength, and weaknesses by providing the figures relating to several previous years.
Data provided by Cost and Financial Accounting is further used for the management of all processes associated with the efficient acquisition and deployment of short-, medium- and long-term financial resources.
Such a process of management is known as Financial Managerial. The
objective of Financial Management is to maximize the wealth of shareholders by taking effective Investment, Financing and Dividend decisions.
Investment decisions relate to the effective deployment of scarce resources in terms of funds while the Financing decisions are concerned with acquiring optimum finance for attaining financial objectives.
The last and very important 'Dividend decision' relates to the
determination of the amount and frequency of cash which can be paid out of profits to shareholders.
On the other hand, Managerial Accounting refers to managerial processes and technologies that are focused on adding value to organizations by attaining the effective use of resources, in dynamic and competitive contexts.
Hence, Managerial Accounting is a distinctive form of resource
management which facilitates management's 'decision making' by producing information for managers within an organization.
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