What is the difference between cost accounting and financial accounting and what is the different between cost accounting and management accounting?

Answer 1

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.

Answer 2

financial accounting encompasses all account presented on the face of the financial statement, its presentation, recognition, measurement and disclosures. while cost accounting is only focused on the cost of inventory.

financial accounting is an art of classifying, summarizing, recording of all financial statement.

and cost accounting is per unite cost. in other words cost accounting is cost of inventory.

cost accounting is manege rial used and financial accounting are used share holder.

and cost accounting only on focus cost accounting.