"while Financial accounting is external, cost accouting is
internal to the business" Explain?
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Answer Posted / deepa
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.
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