Financial accounting

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Nashme T.J (Querist)
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03 August 2011 Dear sir/Madam,

Could you briefly explain me what is financial accounting with an example pleaseeeeee....

Thanks and regards,
Ms. Nashme T.J

CA. Vikash Dwivedi

CA. Vikash Dwivedi (Expert)
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03 August 2011 where is the focus is to account for Financial aspect of the transaction.

For e.g: A machinery is received by an organisation from the government. in the financial accounting Only money value of the asset will be recognised, and nothing else (like the quality of assest, the ingredients/ compnants is made of wood or alloy or iron will not be considered)

Likewise in the Cost accounting only the cost aspects are focused and considered. All the expense attributing to costs.