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What is meant by Cost Accounting? How it is different from
Financial Accounting?
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Answer Posted / sowmya.k
Financial accounting takes into consideration of the
transactions which can be expressed in terms of money.
2)It is historical form of accounting.
3)In practical circumstances, it is more or less legal
requirement.
4)It is ment for for those who are external to the
organisation.Example investors, customers, suppliers,banks
and financial institutions.
5)It discloses the financial performance and financial
status of the business as a whole.
6)they are intirm reports and not the final ones.
COST ACCOUNTING
Cost accounting is the process of classifying and recording
of the expenditure in a systematic manner, with the
intention of ascertaning the cost of the cost centerwith
the intention of controlling the cost.
1)it views the organisation from the angle of indivdual
component.example a department,a process.
ITS OBJECTIVES
a) ascertainment of cost and profitablity
b)cost control
c)presentation of information for decision making
2)it is ment for those people who are the part of decission
making.
3)it may have legal requirements in some exceptional cases.
Section 209(1)(d) if the Companies Act 1956 makes it
mandotary.
4)it takes into consideration all transactions irrespecitve
of whether past or future transactions.
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