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Question
difference Between Cost Accounting and Financial Accounting?
 Question Submitted By :: Nandu
I also faced this Question!!     Rank Answer Posted By  
 
  Re: difference Between Cost Accounting and Financial Accounting?
Answer
# 1
cost accounting is job undertaken by firm. financial
accounting is concerned with recording of business
transacyion in the books accounts.
 
Is This Answer Correct ?    374 Yes 124 No
Chandru
 
  Re: difference Between Cost Accounting and Financial Accounting?
Answer
# 2
cost accounting helps in finding out cost of a product and
control of cost.whereas financial accounting helps in
knowing the financial position of the business i.e is
profit or loss in a financial year.
 
Is This Answer Correct ?    468 Yes 38 No
M.gayatri
 
 
 
  Re: difference Between Cost Accounting and Financial Accounting?
Answer
# 3
financial accounting its recorded business transaction
books of a/c's. that operating result of particular period
and financial positon on a particular date can be known.

cost accounting refers to cost of production and job
undertaken by the firm.
 
Is This Answer Correct ?    232 Yes 32 No
Chandrasekar
 
  Re: difference Between Cost Accounting and Financial Accounting?
Answer
# 4
Cost accounting is related to calculate the cost of
materails, labour, overheads and cost of related jobs and
contracts.In company cost Accounting helps to calculate the
real cost of production but finacial accounting is
associated with maintaining the accounts in the company it
maintains the flow of funds in the company.
 
Is This Answer Correct ?    221 Yes 41 No
Ahuja
 
  Re: difference Between Cost Accounting and Financial Accounting?
Answer
# 5
The focus of cost accounting is essentially internal. it
tends to provide information about costs and cost estimates
to the parties within the firm for decision making.
Financial accounting provides consolidated information to
parties external to the business firm regarding its
operations and financial conditions. such parties include
share holders, bankers, creditors, debenture-holders,
government and tax authorities.
 
Is This Answer Correct ?    170 Yes 26 No
Archana
 
  Re: difference Between Cost Accounting and Financial Accounting?
Answer
# 6
Under Cost Accounting the correct per unit cost of
Manufactured goods or services can be determined and the
future estimated costs of goods can be known while
Financial Accounting shows the the total Profit/Loss and
economic position of a business at the end of the year.
 
Is This Answer Correct ?    146 Yes 16 No
Asad
 
  Re: difference Between Cost Accounting and Financial Accounting?
Answer
# 7
The Difference between financial and cost is that in
financial accounting all business transaction between
debtor and creditor are determined. Cost accounting is used
for managerial decision making, how much cost is spent in
all production as well as admin department. What amount of
budget is required in future and all receipt forecasting.
 
Is This Answer Correct ?    111 Yes 25 No
Jahangir Ahmed
 
  Re: difference Between Cost Accounting and Financial Accounting?
Answer
# 8
differences between cost accounting and financial accounting 
Is This Answer Correct ?    80 Yes 137 No
Adewole Olusola
 
  Re: difference Between Cost Accounting and Financial Accounting?
Answer
# 9
Financial accounting is the reporting of financial
information to people outside of the business, e.g.
shareholders, creditors, or financial analysts. The reports
consist of financial statements, including the balance
sheet, income statement, statement of capital, and cash
flow statement.
Cost accounting is done primarily for management inside the
business. It consists of determining the cost of producing
a product or a service. Cost accounting information is used
to control the operations of the company, and much of that
information eventually winds up in the financial
statements. However cost accounting information is reported
in whatever form management wants, whereas financial
accounting reports are prepared in standard formats in
accordance with generally accepted accounting principles.
 
Is This Answer Correct ?    205 Yes 18 No
Adewole Olusola
 
  Re: difference Between Cost Accounting and Financial Accounting?
Answer
# 10
cost accounting use for determination of cost of material ,
labour cost from that we calculate the production cost and
define profit

finacial acc. useful to maintain the account
 
Is This Answer Correct ?    109 Yes 28 No
Prashant Pandia
 

 
 
 
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