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and interprets transactions interms of money.
and interprets in a significantmanner materials, labour
andoverhead costs.
RECORDING OFDATA It records historical data. It records and
presentsestimated, budgeted data. It
makes use of both historicalcosts and predetermined costs.
USERS OF INFORMATION External users like
shareholders, creditors,financial analysts, government
and its agencies,etc.
Used by Internal management
at different levels.
ANALYSIS OF COSTS AND
PROFITS
It shows profit/loss of the
organization.
It provides details of costs and
profit of each product, process,
ob,etc.
TIME PERIOD They are prepared for a definite
period, usually a year.
They are prepared as and when
required.
PRESENTATION OFINFORMATION
A set format is used forpresenting financialinformation.
There are no set formats forpresenting cost informations.
http://en.wikipedia.org/wiki/Overhead_%28business%29http://en.wikipedia.org/wiki/Overhead_%28business%29http://en.wikipedia.org/wiki/Datahttp://en.wikipedia.org/wiki/Datahttp://en.wikipedia.org/wiki/Datahttp://en.wikipedia.org/wiki/Datahttp://en.wikipedia.org/wiki/Overhead_%28business%29
