Accounting Basics Tutorial

Accounting - Overview
Accounting is a business language. We can use this language to communicate financial transactions and their results. Accounting is a comprehensive system to collect, analyze, and communicate financial information.
Cost Accounting - Standard Costing
Planned cost is a key for effective cost control which is not provided by historical cost concepts. The standard costing system was developed to overcome the drawbacks of the historical costing system. Since historical costing deals only with the actual costs incurred, it is not an effective device
Management Accounting - Introduction
Institute of Chartered Accountants of England and Wales defines management accounting as:
Management Vs. Cost Accounting
Management accounting collects data from cost accounting and financial accounting. Thereafter, it analyzes and interprets the data to prepare reports and provide necessary information to the management.
Cost Accounting - Cost Control
...Slavin and Reynolds
Cost Accounting - CVP Analysis
Cost-Volume-Profit (CVP) Analysis is also known as BreakEven Analysis. Every business organization works to maximize its profits. With the help of CVP analysis, the management studies the co-relation of profit and the level of production.

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