Question

Explain the relationship between financial accounting cost accounting and management accounting

Answer 1

In simple definition Cost accounting is systematic process generates the data which is needed for the management and financial accounting to prepare the financial statements and make a decision.

Cost accounting provides and defines the types of costs such as :

prime cost-conversion cost-variable cost-fixed cost-marginal cost-joint cost-discretionary cost.

all these types of classifications have their own use and are required in different business situations.

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