difference Between Cost Accounting and Financial Accounting?
Answers were Sorted based on User's Feedback
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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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