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Diffrence between cost, financial and management accounting
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Answer / s.pavan kumar
FINANCIAL ACCOUNTING deals with preparation of trial balance,
trading a/c and p& l a/c & balance sheet,so that it would be
helpful to the outsiders and share holders to exactly know
the financial position of the company.
COST ACCOUNTING deals with costs occured by the company and
the means by which unnecessary costs could be reduced.
MANAGEMENT ACCOUNTING means providing internal information
to the management which would be useful to the organisation
in making decisions like expansion of branches.
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Answer / chaitanya
Financial accounting states about the company's investments in different modes like issuing the shares,bank deposits and getting funds from financial institutions and to check out the reserves of the company.
Cost accounting is purely related to the production side of the company and it's mainly important for manufacturing companies as it says about marginal cost,variable cost,fixed cost.
Management accounting states about the planning,Organising,staffing and controlling of the company.
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