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difference Between Cost Accounting and Financial Accounting?

Answers were Sorted based on User's Feedback



difference Between Cost Accounting and Financial Accounting?..

Answer / oladele

cost a/c is collating,coordinating, assessing,and
controlling of cost and material in other to assist the
management in decision making while financial a/c is art of
recording,summarizing, reporting,and analyzing financial
transaction

Is This Answer Correct ?    36 Yes 13 No

difference Between Cost Accounting and Financial Accounting?..

Answer / riya

Financial accounting evaluate stock at cost price or market
price whichever is less whereas Cost accounting evaluates
stock only at its cost price.

Is This Answer Correct ?    16 Yes 6 No

difference Between Cost Accounting and Financial Accounting?..

Answer / utpal pawar

1)Financial a\c shows only the overall performance of a
buisness.
Cost a\c shows the performance of each department.
2)cost a\c helps in reduce the cost of production.
financial a\c is unable to shows the cost

Is This Answer Correct ?    11 Yes 3 No

difference Between Cost Accounting and Financial Accounting?..

Answer / m.punesh kumar

cost accounting are prepared on daily, weekly or monthly
but financial accounting are prepared on annual basis.

Is This Answer Correct ?    12 Yes 5 No

difference Between Cost Accounting and Financial Accounting?..

Answer / jagus

financial accounting has rule to opening and closing account

cost accounting has no rule to opening and closing account

Is This Answer Correct ?    10 Yes 6 No

difference Between Cost Accounting and Financial Accounting?..

Answer / fari

financial acconting is always in monetry form but cost
accounting is in both monetry and non monetry form

Is This Answer Correct ?    4 Yes 0 No

difference Between Cost Accounting and Financial Accounting?..

Answer / manisha

cost accounting is the method of evaluate of cost that
matireal,labours overheads and financial accounting helped
the knowing the financial positation of company .

Is This Answer Correct ?    4 Yes 0 No

difference Between Cost Accounting and Financial Accounting?..

Answer / muttu

#financial a/c mantain records of over all transactions
related to the firm, but in case of cost a/c it mantains
only transactions belongs to manufacturing.
#finacial a/c shows fincial position when we needed, but
cost shows stock lavel.

Is This Answer Correct ?    8 Yes 5 No

difference Between Cost Accounting and Financial Accounting?..

Answer / fatai toheeb olakunle

cost accounting is a management information system that
analyse the past,present and future data to provide a basis
for management decision.
it is the internal decision, makes by the management.

and the financial accounting is an external decision, makes
by the management.

Is This Answer Correct ?    3 Yes 0 No

difference Between Cost Accounting and Financial Accounting?..

Answer / d.prashant

One of the basic differences Cost Accounting is helpfully
in controlling the cost of production whereas Financial
Accounting is concerned is helpfully in determining
financial position of a concern .

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 ?    3 Yes 0 No

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