wk1 DQ3.docx - In first week we have learned about concept of management account Management accounting is also known as cost accounting It is the

wk1 DQ3.docx - In first week we have learned about concept...

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In first week we have learned about concept of management account. Management accounting is also known as cost accounting. It is the process of identifying, measuring, analyzing, interpreting, and communicating information to manager for pursuit of an organization goals [ CITATION Wil2 \l 1033 ]. We also discussed about differentiate between financial accounting and cost accounting. Financial accounting records the past data which is already happened. Mostly government offices use this accounting because they have to review the past data. Whereas management accounting is based on future. Internal users like management team includes in this accounting. We have also recall financial statement. It includes: Retained Earnings: let’s explain with example Sales revenue 2000000 Less: Expenses 50000 National Income 150000 Less: dividend 50000 Retain Earning 100,000 It is the part of profit which is return in the business after payment of dividend.
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