Question

relation between cost accounting, financial accounting and management accounting​

Answer 1

Answer:

Cost-related data as obtained from financial accounting is the base of cost accounting. Management accounting is based on the data as received from financial accounting and cost accounting. Provides future cost-related decisions based on the historical cost information.

Explanation:

Management accounting is a broader concept in that it uses financial accounting, cost accounting, tax accounting and other information to aid in management decision-making. For example, estimates and forecasts about such things as the macroeconomy, market share, etc. are all a part of management accounting. It aids management in making decisions about purchasing or making a product, adding or dropping product lines, evaluating performance, etc.