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the difference between cost accounting and management accounting
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Answer Posted / aj
Differences Between Cost Accounting And Management Accounting
Main distinction between Cost Accounting and Management Accounting are as follows.
1. Cost accounting deals with ascertainment , allocation , apportionment accounting aspect of costs.Management accounting deals with the effect and impact of costs on the business.
2. Cost accounting provides a base for management accounting whereas management accounting is derived from cost accounting and financial accounting.
3. Cost accounting does not include financial accounting ,tax planningand tax accounting. Management accounting includes financial and cost accounting , tax accounting and tax planning.
4. Cost accounting is concerned with short term planning. Managementaccountingis concerned with short range and long range planning.
5. Cost accounting merelyassiststhe management with functioning.Management accounting assists and evaluates the managementperformance.
6. Cost accounting can be installed with management accounting but management accounting can not be installed without cost and financial accounting.
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