difference between financial accounting and cost accounting
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Answer / bandi subhash
Cost accounting is a branch of accounting dealing with the
classification, recording, allocation, summarization and
reporting of current and prospective costs and analyzing
their behaviors.
Financial accounting is a branch of accounting it is used
for prepare financial statement like balance sheet, profit
and loss accounting and cash flow statement. This main
objective is provide the financial position, and
performance of the business unit and profitability position.
one of the major difference is cost accounting provide the
information to take the decision inside of the organization
but financial accounting provide the information to take
the decision both internally as well as externally
| Is This Answer Correct ? | 14 Yes | 3 No |
Answer / priyank kaushik
Financial Accounting- The purpose of it to provide the
information needed for economic decision making. The main
purpose is to prepare the financial reports that provide
information to investors, creditors, tax authorities. It is
performed on the general accepted accounting principle
(GAAP).
Cost Accounting:- It is that part of management accounting
which establishes budget and actual cost of operations,
processes, departments or product and the analysis of
variances, profitability or social use of funds. And as a
form of management accounting, it need not follow general
accepted accounting principles. It is the process of
identifying & evaluating production costs
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / abubakari peter
financial accounting seeks to provide financial information
to internal users such as employees as well as stake holder
or external users such as equity share holders, creditors
(debenture holders,trade creditors),investors and to the
general public.
cost accounting provide information for internal
consumption whic helps the various departments in an
organization in their day to day operations.it could be
done daily, weekly or monthly depending on the culture and
volume of work.
| Is This Answer Correct ? | 1 Yes | 1 No |
finacial ccounting :- Financial accounting making for
financial position company.
Cost accounting :- Cost accounting making for production.
and management position company.
| Is This Answer Correct ? | 0 Yes | 1 No |
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