[ In, India the terms of ‘financial statement means profit and loss Account and Balance Sheet including gives result of economics activity for a period and Balance Sheet states the financial position at the end of the period.]
Record keeping also required suitable classification of transaction and events. This is also determined with reference to the requirement of financial statement.
Financial Accounting
It covers the preparation and interpretation of financial statement and communication to the users of accounts.
Management Accounting
It covers the generation of accounting information for management decision. So it addresses to a single user-group, the management it includes cost accounting which deals with keeping cost records, measurement of cost product/services and cost control method.
