Distinction between Cost Accounting, Management Accounting and Financial Accounting - 2018 2019 Student Forum
 

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Old 6th February 2013, 11:24 AM
ranjeet.gujralqq
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Default Distinction between Cost Accounting, Management Accounting and Financial Accounting

Sir, I want to know the Distinction between Cost Accounting, Management Accounting and Financial Accounting. Would you provide me the Differences between Financial accounting, management accounting and cost accounting?
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Old 8th February 2013, 11:34 AM
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Default Re: Distinction between Cost Accounting, Management Accounting and Financial Accounti

You want to know the Distinction between Cost Accounting, Management Accounting and Financial Accounting. It is the following:

Cost accounting is the branch of accounting commerce with the recording, classification, allocation, and reporting of current and prospective costs. Measurement of Cost involves the methods and technique used in important the mechanism of cost. It is suitable only for such business concerns which are engaged in manufacturing, production, mining or providing some service
Financial accounting is used first and foremost by those outside of a company or organization. Financial reports are usually created for a set period of time, such as a fiscal year or period. Financial reports are historically factual and have predictive value to those who wish to make financial decisions or investments in a company. Management Accounting is the branch of Accounting that deals primarily with confidential financial reports for the exclusive use of top management within an association. It is suitable for all businesses - manufacturing, production or even in marketing only. These reports are ready utilize scientific and statistical methods to arrive at certain monetary values which are then used for decision making.

Such reports may include:

Sales Forecasting reports
Budget analysis and comparative analysis
Feasibility studies
Merger and consolidation reports

For more detail are providing the attachment word file. You can download it.
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