Accounting is described as the language of the business. Financial accounting is important branch of accounting. Financial Accounting is associated with recording, classifying and summarizing

Cost accounting is associated with accounting of the cost. It comprises of Cost and Accounting. The term cost signifies the total of all expenditures involved

Business climate is changing rapidly in current scenario therefore management needs every day and accurate information about the business and costs incurred to take wise

The budget is a vital part of planning and control and it represents as significant mechanism for performance evaluation. The budget is a document designed

Financial statements in financial document used to indicate the financial position of a business at particular moment of time. The statement is prepared at the

Inventory is current assets and it comprises of major part of financial statement in business and manufacturing concerns (Rajasekaran V., 2011). An inventory valuation is

Costing is a significant process of determining cost. Kohler described cost accounting as branch of accounting dealing with the classification, recording, allocation, summarization and reporting

Overhead cost control is used by Small-business owners to monitor, distribute and reduce their overheads. Expenses that cannot be conveniently identified with a specific product

In business realm, reconciliation may be represented as process of tallying the working results or profit as shown by cost accounts with that of financial

In management accounting, notion of relevant costing has great significance because these costs are pertinent with respect to a particular decision. A relevant cost for

Generally Accepted Accounting Principles (GAAP) is described by management theorists as the standard framework of guiding principle for financial accounting used in any given authority.

Financial statements are the summaries of the operating, financing and investment activities of business. It must give useful information for investors and creditors in making

In fast growing business world, major goal of organizations is to reduce the cost of production and control the cost as there are limited resources

In accounting, there are two basic systems used to assign costs to products or services that include Job costing and process costing. Job costing: Job costing

Cash flow statement is imperative term in accounting arena. The statement that explains cash inflows and outflows of a company for a particular period is

Concept: Management accounting is wide arena of accounting. The phrase Management Accounting includes two words, Management and Accounting. It refers to Accounting for the Management. Management