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What recording systems are used for cost management and financial accounting?

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What recording systems are used for cost management and financial accounting?
posted Nov 2, 2017 by Amrita

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Cost management professionals book actual transactions and compare them to estimates. They then base reports on the estimation of cost and on the recording of actual transactions.

Cost of sale of product(s), addition of a profit margin and determination of selling price of the product. Financial accounting professionals evaluate actual transactions only and do not use estimation in recording financial transactions. Journal entries, ledger accounts, trial balance, cash flow and financial statements.

answer Nov 3, 2017 by Durga Prasad
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