Question

Distinguish between financial accounting cost accounting and managemnet accounting

Answer 1

Answer:

Kindly look into the following image for your answer.

Answer 2

Management accounting collects data from cost accounting and financial accounting. Thereafter, it analyzes and interprets the data to prepare reports and provide necessary information to the management.

On the other hand, cost books are prepared in cost accounting system from data as received from financial accounting at the end of each accounting period.