Question

difference between financial and management accounting and cost accounting in chart

Answer 1

Managerial accounting is more concerned with operational reports, which are only distributed within a company Standards. Financialaccounting must comply with various accounting standards, whereasmanagerial accounting does not have to comply with any standards when information is compiled for internal consumption.

Answer 2

Cost accounting generates information so as to keep a check on operations, with an aim of maximizing profit and efficiency of the concern. Conversely, Financial accounting ascertains the financial results, for the accounting period and the position of the assets and liabilities on the last day of the period. There is no comparison between these two because they are equally important for the users. This article presents you the difference between cost accounting and financial accounting in tabular form.



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