Question

Distinguish between management accounting and cost accounting

Answer 1

Cost accounting is the process of recording, classifying, analyzing, summarizing, allocating various alternative courses of action for the control of costs. Its goal is to advise the management on the most appropriate course of action based on the cost efficiency and capability.

While management accounting is the process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions.

Answer 2

                                     COST ACCOUNTING

"Cost accounting is concerned with identifying the cost of things. It gathers data about the costs of products or services. Its information is historical in nature."

                                MANAGEMENT ACCOUNTING

"Management accounting is concerned with providing information to management that can be used to help run the business."

>Management accounting may be forward looking.

Thanks for asking. Hope it helps you!