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What is the relationship between cost accounting and managerial accounting?
Wiki User
∙ 14y ago
Financial accounting relates to the information presented based on past events and records.
Cost and managerial accounting is the presentation of financial information to the management to be used in decision making while in managerial accounting projections are made based on past trends. e.g. projected cashflows, profit & loss, balance sheet...
Financial accounting relates to the information presented based on past events and records.
Cost and managerial accounting is the presentation of financial information to the management to be used in decision making while in managerial accounting projections are made based on past trends. e.g. projected cashflows, profit & loss, balance sheet...
Financial accounting reports are in standard formats which are worldwide accepted , where as Cost accounting reports are in the format as required by the management
Wiki User
∙ 14y ago
Wiki User
∙ 10y agoThat's easy
Financial Accounting - records the transactions that has already passed (history)
Cost Accounting - calculates the costs of manufacturing products or provision of services (present)
Management Accounting - uses past accounting records and applies some method of calculation for preparation of future undertakings (future)
Wiki User
∙ 12y agocost accounting is the financial status\data (money) that represents in the business...........whereas managemant accounting deals with the management and the organizing structure of the business.
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What is the difference between cost and managerial accounting?
The key difference between managerial and financial accounting is that managerial accounting information is aimed at helping managers within the organization make decisions. In contrast, financial accounting is aimed at providing information to parties outside the organization. Improvement: Cost account is a major area of managerial accounting. Cost is also a internal Issue.
Role of cost accounting in managerial decision making?
Role of cost accounting in managerial decision making?"
What has the author William L Ferrara written?
William L. Ferrara has written: 'Management Accounting Computer Casework' 'Managerial cost accounting' -- subject(s): Cost accounting, Managerial accounting
What is Managerial accounting?
Managerial accounting is different to financial accounting because it is the one called cost accounting. It is the process in which it is needed to identify, measure, analyze, interpret and communicate with information to pursue the goals of an organization.
What has the author Gerald R Crowningshield written?
Gerald R. Crowningshield has written: 'Cost accounting' -- subject(s): Cost accounting, Managerial accounting
What has the author Carl L Moore written?
Carl L. Moore has written: 'Managerial accounting' -- subject(s): Accounting, Cost accounting, Managerial accounting 'Tracing the flow of net working capital and cash'
What is cost absorption in cost accounting and work examples?
A managerial accounting cost method of expensing all costs associated with Manufacturing a particular product
What is the relationship between the contractor's cost estimating and cost accounting systems?
An accurate cost accounting system is the basic building block for a good cost estimating system.
What has the author Henry R Anderson written?
Henry R. Anderson has written: 'Basic cost accounting concepts' -- subject(s): Cost accounting 'Managerial accounting'
What has the author Edward Blocher written?
Edward Blocher has written: 'Cost management' -- subject(s): Managerial accounting, Cost accounting 'Analytical review' -- subject(s): Analytical review Auditing, Auditing, Analytical review 'Cases & readings in strategic cost management' -- subject(s): Accessible book, Managerial accounting, Case studies, Cost accounting, Management accounting
What has the author Don T DeCoster written?
Don T. DeCoster has written: 'Accounting for managerial decision making' -- subject(s): Addresses, essays, lectures, Cost accounting, Decision-making, Managerial accounting
What is the difference between cost accounting and financial accounting and what is the different between cost accounting and management accounting?
Cost accounting and managerial accounting are really the same thing. The key difference between managerial/cost and financial accounting is that managerial accounting information is aimed at helping managers within the organization make decisions. In contrast, financial accounting is aimed at providing information to parties outside the organization. cost is the amount of the expenditure. In cost accounting we can find cost of goods and services. financial accouts shows the profit and loss and balance sheet made during an accounting period, and also financial position of the business as on a particular date. cost accouting provides the management detailed information regarding cost of each product, services etc. Cost Accounting focuses on the costs of production and inventory valuations. Management Accounting produces internal financial reports and analysis prepared in such a way to assist managers in making decisions (such as expense reduction, capital investment, etc.). Financial Accounting produces financial reports in accordance with GAAP and legal guidelines and would generally be the format which is distributed externally for banks, investors, etc.
