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Before we go to differentiate Financial & Cost Accounting we must have knowledge what these both terms surely are. As we define both terms these would automatically be differentiated.
Financial Accounting:
Financial Accounting is a systematical way to put in order the financial statements of an society is order to get the true and fair view profit or loss. These financial statements are organized for decision making, stockholders, Banker, Supplier, Shareholders, Government Agencies, and other stakeholders. The basic requirement to put in order financial statement is to explore and cut the dead expenses by measuring the expenses and revenue status and to reporting the consequent to curious users. These statements are organized for outsiders who do not take part in day to day organizational activities.
Simply we can say, "Financial accounting is the process which includes recording, interpreting & summarizing date taken from financial records of an society and bring it out in an annual report for the benefit of citizen outside the organization".
In depth financial accounting contains some principles, Concepts & Equation.
Financial accountants manufacture financial statements based on Accounting theory which are generally standard by a exact country. Financial statements must be prepared agreeing to the (I Frs) International Financial Reporting Standards.
Accounting Equation: (Assets = Liabilities + Owner'S Equity).
Accounting Cycle:
1. Voucher.
2. General Journal.
3. General Ledger.
4. Cash Book.
5. Trail Balance.
6. Trading profit & Loss Account.
7. Balance Sheet. Cash Flow Statement.
First of all the transaction occurs and noted in the form called Voucher. All transactions are ready in vouchers. Then one exact form is created called normal Journal. All transaction recorded in one form. The next step is Called Posting in which all detach heads/accounting recorded separately in dissimilar form/accounts called normal Ledger. Cash Book is maintained to report the payments and recipes or organization. By the help of normal Ledger the Trail equilibrium prepared which provides the items of Trading, profit & Loss list and equilibrium Sheet which shows the financial position and the condition of the Organization. And lastly Cash Flow Statement is prepared to drive the accrual inflow & outflow of cash.
Cost Accounting:
Cost accounting ascertains funds and actual cost of production, operations, departments, process and the prognosis of variance. Cost accounting is used to preserve decision-making to cut cost of society and enhance its profitability. Cost accounting does not need standards as (Gaap) generally standard Accounting Principles, as its original use is for internal management, rather than outside people. Some of managerial accounting approaches are mentioned as under;
• Managerial Costing.
• Activity based Costing.
• Standard Cost Accounting.
• Resource Consumption Accounting.
Three Classical Cost Elements:
• Raw Material.
• Labor.
• Factory Over Head/Indirect Expenses.
Cost Accounting is being used to help the managers to understand & cut the running cost of an Organization. Most of Cost varied with the rate of production which is called "Variable Cost" like money spent on labor, power to run a factory, direct material etc. Unlikely changeable cost, some costs remain the same even while busy duration or while null production. These costs are call "Fixed Cost" like Depreciation on Assets, Rent of building etc.
In cost accounting some statements are prepare. Majors are revenue Statement, Cost of Goods Sold Statement, and Cost of production Report.
Income Statement:
Income statement is prepared to drive the net income/profit of the organization. In the process all direct Expenses related to buy of Goods/material are less from Sale and the retained number is called Gross Profit. Then all indirect expenses related to sales, Admin & Financial Charges are deducted from (Gp) Gross Profit, retained number after deduction is called (Np) Net Profit/income.
(Cgs) Cost of Goods Sold Statement:
Cost of Goods sold statement is prepared to drive the total cost which is spent on the purchasing to sell the produced Goods. In the preparing process first of all the end Martial of last year is added in buy of Martial, which is called "Total Material ready for Use" and Material Used is deducted from it. The remaining number is called "Cost of Material Consumed". Then the cost of Labor and (Foh) facility Overhead added in cost of material consumed. The total of this is called "Total facility Cost" after that chance stock of work in process is added and end stock of work in process is deducted from Total facility Cost. The number which drives after this is called "Cost of Goods Manufactured". Lastly the chance Stock of complete Goods is added and end Stock of complete Goods is deducted from Cost of Goods manufacture and the Answering number is Called "(Cgs) Cost of Goods Sold"
(Direct Material + Direct Labor= Prime Cost) (Labor + Foh= Conversion Cost)
Financial Accounting Versus Cost AccountingAchieving Transparency And Accountability In Federal Spending (Part 1 of 2) Video Clips. Duration : 74.67 Mins.I am a big fan of ratio pathology for small company owners. I don't have to inspire large company Cfos and Controllers to accomplish ratio analysis, because it is their daily bread, but I find that many small company owners have not yet gained an appreciation of what financial ratios can do for them.
But as much as ratio pathology can help you, it can also mislead, so I opinion it would be good to delve into the limitations of financial ratio pathology today.
Ratio pathology can be only as good as the fundamental data
Ratios are legitimately wonderful. They boil down a involved set of numbers and relationships to a simple, 1 or 2 digit estimate which tells you volumes! But beware... What if those complex, fundamental data are not accurate? Many foremost decisions are made because a ratio has changed by 1 or 2 division points. Given that, your accountant great make legitimately sure that the calculations can be relied upon.
In the small company environment things like reconciled trial balance (yes, not only the bank accounts!) and monthly, reviewed financial statements cannot be taken for granted. Many small businesses do not have sufficient accounting systems in place nor do they all have competent accounting personnel development sure the monthly financial results are not only available, but legitimately accurate.
Calculating any ratios based on questionable data and an unreconciled set of books can be very dangerous. So, before any pathology is even attempted, the accounting records must be brought up to par.
Ratio comparisons can be meaningful only, if data is truly comparable
It's a challenge to accomplish comparability among distinct firms, even in the same industry. distinct depreciation methods, distinct inventory valuation methods used, distinct procedure regarding capitalization of clear expenditures make it very hard to arrive at financial statements which can be compared meaningfully.
But even comparisons of distinct periods within the same company can get tricky. I have seen many small businesses with a high turnover of the bookkeeping/accounting position and my chronicle of the normal ledger revealed often that there was no consistency in the way many transactions were posted by those distinct people. This would make comparisons less important than they could otherwise be. This brings us back to our first point - accounting records need to be not only strict but also consistent.
Ratio pathology reflects only what is in the financial statements
Obviously, financial ratios will reflect only what is contained in the financial reports of the company. And as important as that can be, it does not capture many factors which can have a profound impact on the company and yet cannot be quantified or expressed in accounting terms.
I remember acting as a part-time controller for an guarnatee firm which has just been purchased by an international player. The President was given a clear ratio as a target for his accounting department salary costs. Based on this ratio, he couldn't add a particular someone to his accounting staff. On the contrary, to meet the target, he would have to let some citizen go first.
But that didn't take into observation the particular situation this company was in. Due to historical reasons, the staff had very low qualifications, systems were old and the only way out was to bring a strong full-time controller or Cfo to reorganize the department. The target ratio wouldn't allow for that. But it was the best thing to do in those circumstances. Thoughprovoking leadership will identify such limitations of ratios and make the right company decisions anyway.
Other factors not contained in the financial statements can be technological developments, competitor's actions, government actions, etc. All elements with potential impact on the company need to be evaluated when development foremost decisions, not only financial ratios.
Still, financial ratio pathology is a key component of those decisions and I would speculation to say that a company which doesn't avail itself of this information is at a disadvantage.
Limitations of Financial Ratio diagnosisWhy Real Conservatives Are Against the War on Terror, Part 1 [CPAC 2010] Tube. Duration : 46.17 Mins.It's only natural to want to seek revenge, or even the score when your spouse or principal other has cheated on you. Many victims of infidelity resort to revenge cheating or retaliatory affairs to get back at a cheating mate. Other infidelity victims get even with the cheater in destructive, or even violent ways.
Get Revenge Legally or Financially
If you want honestly get revenge on a cheating spouse, find a way to do it legally or financially. Otherwise, it's just not worth your time. There are legal ways to deal the cheater a devastating blow without doing something that will put you on the wrong side of the law. See a divorce attorney or a financial advisor who can tell you what your legal and financial options are. Revenge is so much best when it's done legally. think some of the tactics below:
o Take proprietary of the house for yourself and the children in a way that the cheater still has to pay the mortgage on it, even though he can't live there anymore.
o Get the court to wish the cheater to fork over so much alimony or child keep that it will put a serious crimp in the cheater's lifestyle and proper of living.
o Have the courts wish the cheater to sell his or her company or other assets to provide you with your fair share of the marital assets.
o Think how deeply will it hurt the cheater to only be able to see his children on weekends and holidays.
o How devastating would it be for a wife to lose custody of her children because you've proven in court that she's an unfit mother.
o What best revenge can you get against a cheating and gold-digging spouse than by legally limiting the share of the marital assets that he or she can gain passage to.
o Studies show that most cheating women are ready to leave their marriage mates if it comes to that. Get revenge by refusing to give her a divorce.
o Studies show that most cheating men don't want to leave their families or divorce their wives. Get your revenge by divorcing a cheating husband who thinks he can have his cake and eat it too.
Check with an attorney or a financial advisor, because laws vary from state to state.
Keep in mind , however, that trying to get revenge on a cheating spouse who has violent or aggressive tendencies can be a perilous game. No matter how much the cheater may deserve what he or she gets, they may retaliate against you in violent or aggressive ways. So tread carefully, or you could end up in the hospital - or even worse - the grave.
The Best Revenge of All
In the end, the best revenge may be to do nothing. Once the cheater is aware that you know about the affair, hold your head high, act honorably, and show the cheater that you refuse to lower yourself to his or her level to seek revenge.
Show the cheater your life will go on just fine with or without them. The cheater will whether be consumed with guilt over how he or she has treated you. Or he or she will never have peace of mind because they'll keep seeing over their shoulder, waiting for the "other shoe to drop." And that may be the best revenge of all.
How to Gain the Upper Hand
If your spouse or principal other is cheating on you, there are other measures you can take to gain the upper hand. For a free tip sheet entitled How Wives with Cheating Husbands Can Gain the Upper Hand, e-mail InfidelityAdvice@gmail.com with "Upper Hand - ez" in the branch line. Despite the title, most of the suggestions in this tip sheet also apply to husbands with cheating wives. For more information about infidelity, cheating spouses and extramarital affairs, visit www.InfidelityAdvice.com
Legal and Financial Ways to Get Revenge on a Cheating SpouseOn April 2, 2009, the Irs announced they will cut the penalty for not filing a description of Foreign Bank and Financial Account, known as a Fbar Form.
The current penalty is up to fifty percent (50%) of the highest yearly equilibrium of each list for each of the last 3 years. The 50% penalty is imposed annually. After 2 years of the 50% penalty, the list can be "wiped out" and the investor may still owe taxes (and interest).
The Irs announced they will not generally prosecute Taxpayers who come send voluntarily, provided they are not drug dealers, arms merchants or others with "ill-gotten gains".
The Irs will not asses a 35% penalty (due under Form 3520) on money secretly transferred to foreign trusts (i.e., tax evasion).
The Irs will cut the penalty to 5 to 20%, depending in part on whether the wealth was inherited. The Irs will levy the penalty just once, on the highest equilibrium in the accounts over the last 6 years.
Under the Irs plan, Taxpayers will be required to pay any taxes and interest owed over the last 6 years. The Irs will compare whether the standard, accuracy-related penalty of 20%, or a 25% penalty for filing tax returns later.
Taxpayers in the program must also file amended tax returns for up to the last 6 years.
U.S. Taxpayers:
1. Have 6 months to accept the Irs plan (i.e., by 10/2/09)
2. Under criminal investigation for tax evasion are not eligible
3. Are not required to supply data about the bankers, lawyers and accounts who assisted them
The Irs plan was developed amid widening investigation into American clients of Ubs but will apply to clients of other banks. According to Douglas Shulman, the Irs Commissioner, the goal "is to get Taxpayers who have been hiding assets offshore back into the system."
The following is a overview of tax returns due for Foreign Bank Accounts:
I. Returns Relating to Foreign Bank Accounts
A. In General
1. Each U.S. Someone having a financial interest in, or signature or other authority over, any foreign financial accounts with an blend value exceeding ,000 at any time while the calendar year must description such connection by filing Form Td F 90-22.1, description of Foreign Bank and Financial Accounts ("Fbar"),
2. In addition, they have to disclose the foreign list filing requirement on program B of Form 1040 and including the earnings from these accounts on the United States person's U.S. Federal earnings tax return.
B. Who Must File
Form Td F 90.22-1 is required to be filed by every U.S. Someone for each calendar year in which such Someone has a financial interest in, or signature or other authority over, any foreign financial accounts with an blend value exceeding ,000 at any time while the calendar year. The test is based in the alternative - financial interest in or signature authority over the account.
1. Definitions
For purposes of Fbar, the term "United States person" means (1) a population or a resident of the United States, (2) a domestic partnership, (3) a domestic corporation, or (4) a domestic estate or trust.
The term "financial account" generally includes any bank, securities, securities derivatives or other financial instrument accounts, (including any accounts in which the assets are held in a commingled fund, and the list owner holds an equity interest in the fund), savings, demand, checking, deposit, time deposit, or any other list maintained with a financial practice (or other Someone engaged in the firm of a financial institution).
Any of the financial accounts described above is thought about to be a foreign financial list for purposes of Fbar, if it is settled outside the United States, Guam, Puerto Rico, and the Virgin Islands. The situs of a financial list is thought about by the location where the field is, not the location of the institution's home office.
2. Ownership of Accounts
Under the instructions to Form Td F 90-22.1, a U.S. Someone has a financial interest in a bank, securities, or other financial list in a foreign country under whether of the following circumstances:
1. A U.S. Someone is the owner of description or has legal title, whether the list is maintained for his or her own benefit or for the benefit of others including non-U.S. Persons. If an list is maintained in the name of two persons jointly, or if some persons own a partial interest in an account, each of those U.S. Persons has a financial interest in that account.
2. A U.S. Someone has a financial interest in each bank, securities, or other financial list in a foreign country for which the owner of description or owner of legal title is:
a. A Someone acting as an agent, nominee, attorney, or in some other capacity on behalf of the U.S. Person;
b. A corporation in which the U.S. Someone owns directly or indirectly more than 50 percent of the total value of shares of stock;
c. A partnership in which the U.S. Someone owns an interest in more than 50 percent of the profits (distributive share of income); or
d. A trust in which the U.S. Someone whether has a gift beneficial interest in more than 50 percent of the assets or from which such Someone receives more than 50 percent of the current income.
3. Signature Authority
For purposes of Form Td F 90.22-1, a U.S. Someone is thought about to have signature authority over a foreign financial list if such Someone can operate the habit of money or other property in the list by delivering his or her signature (or his or her signature and that of one or more other persons) to the bank or other Someone maintaining the account.
In addition, a U.S. Someone has "other authority" field to Fbar reporting if such Someone can rehearsal comparable power over an list by direct communication to the bank or other Someone maintaining the account, whether orally or by some other means.
4. Exceptions
Notwithstanding the normal rules, Form Td F 90.22-1 is not required to be filed under the following circumstances:
1. An officer or laborer of a bank which is field to the administration of the Comptroller of the Currency, the Board of Governors of the Federal preserve System, the Office of Thrift Supervision, or the Federal Deposit guarnatee Corporation need not description that he has signature or other authority over a foreign bank, securities or other financial list maintained by the bank, if the officer of laborer has No personal financial interest in the account.
2. An officer or laborer of a domestic corporation whose equity securities are listed upon national securities exchanges or which has assets exceeding million and 500 or more shareholders of description need not file such a description about the other signature authority over a foreign financial list of the corporation, if he has No personal financial interest in the list and he has been advised in writing by the chief financial officer of the corporation that the corporation has filed a current report, which includes that account.
3. As noted above, a U.S. Someone is not required to description any list maintained with a branch, agency, of other office of a foreign bank or other practice that is settled in the United States, Guam, Puerto Rico, and the Virgin Islands.
C. Mechanics of Filing
Reporting on Form Td F 90-22.1 is required for each calendar year that a U.S. Someone maintains such interest or authority over foreign financial accounts. Persons having a financial interest in 25 or more foreign financial accounts are required only to note that fact on the form (i.e., a normal statement indicating that data on all such accounts will be ready upon request). (31 Cfr § 103.24. Such persons will be required to supply detailed data about each list when so requested by the Secretary or his delegate.)
The Form Td F 90-22.1 is filed with the U.S. Agency of the Treasury, P.O. Box 32621, Detroit, Mi 48232-0621, or it may be hand carried to any local office of the Internal earnings service for forwarding to the Agency of the Treasury in Detroit, Mi. The Form Td F 90¬-22.1 must be filed on or before June 30 each calendar year. An postponement for filing one's U.S. earnings tax return does not expand the deadline for development a Td F 90-22.1 filing.
D. Added Issues
Each U.S. Someone field to this reporting requirement must also utter records showing, (1) the name in which each such list is maintained, (2) the whole or other designation of such account, (3) the name and address of the foreign bank or other Someone with whom such list is maintained, and (4) the type of such account, and the maximum value of each such list while the reporting duration (31 Cfr §103.32). These records must be retained for a duration of 5 years and must be kept at all times ready for inspection as authorized by law.
E. U.S. Trustee Foreign Non-Grantor Trust
Report of Foreign Bank and Financial Accounts - Form Td F 90-22.1
A U.S. Trustee of a foreign nongrantor trust must file Form Td F 90-22.1 if the Trustee has a financial interest in or signature authority or other authority over any financial accounts, including bank, securities, or other types of financial accounts in a foreign country if the value of such accounts exceeds ,000. A Someone has a financial interest in any such list if she has legal title to it.
Trustees generally have legal title to accounts in which trust funds are invested. In addition, if legal title to an list is held by a corporation or partnership and the trustee owns more than 50% of the corporation or partnership, the trustee will be treated as having a financial interest in such account.
A Someone has signature authority over an list if she can operate the habit of list property by the delivery of a document signed by her and one or more other persons. A Someone has other authority over an list if she can operate such habit by direct communication to the Someone with whom the list is maintained.
Form Td F 90-22.1 must be filed by June 30th of the year following the year in which the U.S. Someone had such financial interest or signature or other authority.
F. Form Td F 90.22-1
A willful violation of the Form Td F 90.22-1 requirements (i.e., failure to file Form Td F 90.22-¬1, failure to supply data on the report, or filing a false or fraudulent report) could corollary in the imposition of civil and/or criminal penalties. (The instructions for Form Td F 90.22-1 specifically supply that criminal penalties for failing to comply with Fbar are provided in 31 U.S.C. § 5322(a) and (b), and 18 U.S.C. § 1001. In addition, civil penalties for failure to comply are generally provided in 31 U.S.C. § 5321.)
Civil Penalties
If any U.S. Someone willfully violates the Form Td F 90.22-1 filing requirement, such Someone may be liable to the U.S. Government for a civil penalty of not more than ,000 (31 U.S.C. § 5321. Section 5321 generally provides that if a U.S. Someone willfully violates a regulation, such Someone may be liable for a civil penalty of not more than the greater of the whole (not to exceed $ 100,000) involved in the transaction (if any) or ,000.
With respect to reporting on Form Td F 90.22-1, a U.S. Someone is not reporting a transaction but, rather, reporting his interest or signature authority over a foreign financial account. Thus, the maximum whole of inherent civil penalty is ,000.):
Criminal Penalties1. If a U.S. Someone willfully violates the reporting requirement, such Someone may be field to a fine of not more than 0,000, or imprisoned for not more than 5 years, or both (31 U.S.C. § 5322(a)); and
2. If a U.S. Someone willfully violates the reporting requirement while violating other law of the United States, or as part of a pattern of any illegal activity fascinating more than 0,000 in a 12-month period, such U.S. Someone may be field to a monetary fine of not more than 0,000, or imprisoned for not more than 10 years, or both (31 U.S.C. § 5322(b)).
If a U.S. Person, with respect to Form Td F 90.22-1, (1) falsifies, conceals, or covers up by any trick, scheme, or gismo a material fact, (2) makes any materially false, fictitious, or fraudulent statement or representation, or (3) makes or uses any false writing or document knowing the same to contain any materially false, fictitious, or fraudulent statement or entry, such Someone may be fined, or imprisoned for not more than 5 years, or both (18 U.S.C. § 1001).
Fbar - Form Tdf 90-22.1 - record Of Foreign Bank & Financial Accounts
