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Assignment 3, Accounting Basics

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Financial accounting reports are mandatory to be prepared by the firms, and are scrutinized by auditors, creditors or Government or Tax authorities. But management accounting records are voluntarily kept by the management for their internal control, profit maximization, cost control, improving productivity. Both deal with records of financial transactions. Both represent the financial strength and weaknesses of businesses. While management accounts reveal direct costs, indirect costs, contribution, break even etc, financial reporting concentrates on cash book, subsidiary books as sales, purchases, profit and loss, Balance sheet etc Budgeting is done with the help of management accounting .

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