What is Financial Accounting?

Financial accounting is the process of recording, summarizing and reporting the myriad of transactions resulting from business operations over a period of time. These transactions are summarized in the preparation of financial statements, including the Statement of Financial Position (SOFP), Statement of Profit & Loss Account(SOPL) and Statement of Cash Flow , that encapsulate the company's operating performance over a specified period.

What is Cost Accounting?

Cost accounting is a process of collecting, recording, classifying, analyzing, summarizing, allocating and evaluating various alternative courses of action & control of costs. Its goal is to advise the management on the most appropriate course of action based on the cost efficiency and capability.