Financial accounting and cost and performance accounting difference and what is the task of KLAR?

Baldr1932ByBaldr1932

What is the difference between financial accounting and cost and performance accounting and what is the role of KLAR in this context?

Hello everyone, I'm currently learning the basics of accounting and am having trouble understanding the connection between financial accounting and cost and performance accounting. Or rather, sorting out the differences between them. Furthermore, KLAR is also relevant for my exam, so I have an important question and need some help.

Financial accounting represents the economic situation of the company, so to speak, while cost and performance accounting simply calculates to what extent the costs were worthwhile or the exact figures for costs and services, right?

How can one best explain the difference, and how can I best differentiate between them? Sorry if this is a stupid question, but I'm really new to the topic and I'm just curious. I could only find somewhat complex sources online, and they mostly differed.

Thanks to all

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pizzaperspexi
pizzaperspexi
1 year ago

Hi, there are no doofen questions 🙂 I actually study this:

Financial accounting:

  • focuses mainly on the recording & reporting of financial transactions of an enterprise
  • The main purpose is to document the financial position of the company, including its assets, liabilities, equity, income & expenditure
  • addresses external stakeholders such as investors, creditors, government agencies & other stakeholders outside the company
  • Key financial accounting documents include the balance sheet, the profit and loss account (GuV), the capital flow statement & the notes

Cost and performance accounting (KLR):

  • (also known as internal accounting) aims to provide information supporting management in decision-making
  • captures & analyzes the cost & performance of a company at a detailed level to evaluate the efficiency & profitability of products, services, departments or processes
  • includes the allocation of costs to cost centers, the cost-type, cost center and cost-benefit calculation as well as the analysis of cost behaviour & structures
  • Main audiences are internal stakeholders such as management, department managers & employees involved in improving operational performance & profitability
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HP258
HP258
1 year ago

Moin,

In the case of financial accounting, the profits and losses of a company are compared by calculating all expenditure, revenue and investment. The cost and performance account uses only a part of the available figures to compare the cost and revenue of a company.

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KleverNRW
KleverNRW
1 year ago

Financial accounting is regulated by law and is aimed at external addressees such as investors and the tax office .

The cost and performance calculation is free from legal constraints and is aimed at the entrepreneur himself.

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