Answer / rohan

cost account are used by manufacturing company and
financial accounting are used by all company i.e
service,manufacturing etc

Answer / del - cpa

Financial accounting is investor based to show the past
results of operations.

Cost accounting is oriented towards determining the actual
costs of products delivered and providing management with
the analysis needed to reduce those costs.

Answer / munawwar

financial accounting is like three peice suit and cost
acounting is like under garments which is whear under the
three pcs suit

Answer / shikhar

fianncial a/c is prepared annually while in other hand cost
a/c is prepared weekly...

Answer / vickneswor nayak

All the expenses that incured from raw material to finished
product but Financial accounting is that where all the
Financial transation incurred.

Answer / john

cost accounting is application of costing and cost
accounting principles, methods and technique to the
science, art and practise of cost control
financial accounting is for the financial transaction of a
business. income statement, balance sheet preparing p&l a/c

Answer / enita mugwisi

cost accounting is for internal use while financial
accounting is both internal and externaluse.the purpose of
cost accounting is to ascertain the cost of a product hence
it provides management with information as to what
percentage markup should be placed in order to realize
profits. it also helps management with ways of lowering
total costs hence cost accounting is mainly for internal
use.it provides management with decision as to buy or make
and the worthiness of undertaking a project

financial accounting is for both internal and external it is
also used by management to evaluate performance through the
statement of comprehensive income and through interpretation
using ratios also evaluate the rate into which profits are
turned into cash through the statement of cash flows and
also evaluating the leverage of the company but the
financial accounting is mainly for externals that is for
stakeholders : shareholders ,creditors ,security providers
that is why they are published.

the other difference is that financial accounting is a
statutory requirement and is prepared in compliance with
international accounting standards and IFRS while cost
accounting is not a statutory requirement but its a company
requirement

Answer / prabhakar

Financial Accounting is to find out the profitability if
operations during a particular period for the benefit of
owners and outsiders.
Cost accounting is to help management through the provision
of prompt cost data and thereby improve managerial decision
making.

In simple Financial Accouting shows the Overall profit of
the organisation. Cost Accounting shows individually ie.,
product wise.

Answer / eduri phani pavan kumar

Cost Accounting is aimed at cost control and cost Reduction
in an organisation.

Cost control is setting up of the standards and following
whether the each element is within the standards, if any
abnormal, making a critical analysis of the variance.

Cost Reduction is search for a continous improvement
(KAIZEN) especially in manufacturing process. It is
Quoestioning the standards set up.The techniques of Cost
Reduction are Value Engineering, Kaizen, Theory of
constraints etc.

Financial Accounting is concerned with post mortem exercise
of the affairs of the organisation. It is aimed at showing
the position of the organisation for a period through
Profit and Loss Account and as on a given date through
Balance Sheet.

Answer / vishnu kariappa

cost accounting is very essential tool for decision making
where as financial accounting not so essential

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