Statutory Accounting Principles - SAP

A set of accounting regulations prescribed by the National Association of Insurance Commissioners for the preparation of an insuring firm's financial statements. Filings prepared using SAP are submitted to individual state regulatory bodies; SAP are regarded as more regulatory and conservative than the GAAP method of preparing financial statements.

'Cost Accounting'

A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment. Cost accounting will first measure and record these costs individually, then compare input results to output or actual results to aid company management in measuring financial performance. Read more: http://www.investopedia.com/terms/c/cost-accounting.asp#ixzz26Vv43MnG

Management accounting

Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.

Accounting

The systematic recording, reporting, and analysis of financial transactions of a business. The person in charge of accounting is known as an accountant, and this individual is typically required to follow a set of rules and regulations, such as the Generally Accepted Accounting Principles. Accounting allows a company to analyze the financial performance of the business, and look at statistics such as net profit. Read more: http://www.investorwords.com/48/accounting.html#ixzz26Vu5Meo4