Differences between management accounting,cost accounting and financial accounting
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Difference between management accounting, cost accounting and the financial accounting:
Explanation:
Management Accounting
- To help the control in decision-making & policy formulation.
- Deals with projection of statistics for the future(futuristic in nature)
- No set principal are accompanied in it.
- Uses each quantitative concepts
Cost Accounting
- Ascertainment, allocation, accumulation accounting for cost.
- Concerned with each past and present recorded in nature
- Certain concepts accompanied for recording costs.
Financial Accounting
- Record transactions & decide economic position & earnings or loss.
- Concerned with historical statistics.
- Governed through GAAP.
- Qualitative elements aren't recorded.
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