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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 / siraj

COST ACCOUNTING IS RELATED TO KNOWING COST OF THE PRODUCT.
FINANCIAL ACCOUNTING IS RELATED TO BUSINESS KNOWHOW OF A
COMPANY.

Is This Answer Correct ?    3 Yes 0 No

difference Between Cost Accounting and Financial Accounting?..

Answer / ruchi

->Cost accounting is not necessary for all firms,Cost
accounting is totally depends on the firms seniors whether
they want to do the cost accounting of their firm or not,
but financial accounting is necessary to all.
->Cost accounting is related to cost of each material, man,
and overheads, financial accounting maintains only past
financial records.

Is This Answer Correct ?    6 Yes 5 No

difference Between Cost Accounting and Financial Accounting?..

Answer / m.ibrahim bhat

Financial Accounting provides information about the business in
general way.It tells about the profit and loss snd financial
position of the bussiness to the owner and other out side
parties.But cost accounting provides information to the
management for propper planning,operation,congrol,and
decision making.GIVEN BY M.IBRAHIM--MIBWA

Is This Answer Correct ?    2 Yes 1 No

difference Between Cost Accounting and Financial Accounting?..

Answer / job w muronda

cost accounting is the applicatin of accounting and costing
principles methods and techniques in the
ascertainment,classification,recording,allocating,summarisin
g,and presenting of costing information and the analysis of
savings and or excesses as compared with previous
experience or predetermined standards
on the other hand financial accounting is concerned wih the
stewardship obligation of management in relationship to the
external requirements of shareholders,creditors,prospective
investors and other interested parties outside the
organisation as well as internal management requirements

Is This Answer Correct ?    2 Yes 1 No

difference Between Cost Accounting and Financial Accounting?..

Answer / meenakshi

cost accounting keeps the records of total cost and per unit
cost bt mean while fiancial a/cing is basicaly related to
financial position of a firm.

Is This Answer Correct ?    6 Yes 6 No

difference Between Cost Accounting and Financial Accounting?..

Answer / g.satheesh kumar

Cost accounting is a branch of financial account.but now
its as a profession of own rights.Cost accounting is
systmatic recording the transaction. finacial accounting
providing profit and loss account and balance sheet to
present the management. But Modern management needs much
more details. So, cost accounting provided detailed
information to management of separate department ,
product , etc.

Mainly finacial account supplied statement of Profit &
loss account and balance sheet for outsiders.

And Cost accounting supplied statment of cost of product and
departmnet.

Is This Answer Correct ?    5 Yes 5 No

difference Between Cost Accounting and Financial Accounting?..

Answer / adelaida labrador

Cost accounting deals primarily in allocation and
controlling of cost of labor, materials and overhead in the
production of a product. The results is used in the
determination of cost of goods sold and profit margin from
sales. Financial aacounting is concerned with analyzing,
summarizing, recording and reporting of all financial
activities of a business in the P & L and statement of
financial position based on company's established policy
and procedures, generally accepted accounting principles
and or IFRS.

Is This Answer Correct ?    1 Yes 1 No

difference Between Cost Accounting and Financial Accounting?..

Answer / arvind kumar

cost accounting is used to know the actual cost of a product
which is incurred at various stage to making a product as a
finished goods.it provides information to the management to
fix the sale price of a product.
financial accounting gives information to management that
why they able to know financial position of enterprises or
company.here financial position means p/L a/c, B/S, cash
flow and fund flow statement including ratio analysis.

Is This Answer Correct ?    0 Yes 0 No

difference Between Cost Accounting and Financial Accounting?..

Answer / praveen t

FINANCIAL ACCOUNTING:
Financial Accounting is a systematical way to prepare the financial statements of an organization is order to get the true and fair view profit or loss. These financial statements are organized for decision making, stockholders, Banker, Supplier, Shareholders, Government Agencies, and other stakeholders. The basic requirement to prepare financial statement is to examine and reduce the dead expenses by measuring the expenses and income status and to reporting the result to interested users. These statements are organized for outsiders who do not take part in day to day organizational activities.

COST ACCOUNTING:
Cost accounting ascertains budget and actual cost of production, operations, departments, process and the analysis of variance. Cost accounting is used to support decision-making to reduce cost of organization and improve its profitability. Cost accounting does not require standards as (GAAP) Generally Accepted Accounting Principles, as its primary use is for internal management, rather than outside people.

Is This Answer Correct ?    0 Yes 0 No

difference Between Cost Accounting and Financial Accounting?..

Answer / n v kameswar rao

The above answered ticked by me feel are correct, if so i
might have answered wrongly please do correct me and give
your opinion with regard to this matter

Is This Answer Correct ?    8 Yes 9 No

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