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difference between financial accounting and cost accounting
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Answer Posted / priyank kaushik
Financial Accounting- The purpose of it to provide the
information needed for economic decision making. The main
purpose is to prepare the financial reports that provide
information to investors, creditors, tax authorities. It is
performed on the general accepted accounting principle
(GAAP).
Cost Accounting:- It is that part of management accounting
which establishes budget and actual cost of operations,
processes, departments or product and the analysis of
variances, profitability or social use of funds. And as a
form of management accounting, it need not follow general
accepted accounting principles. It is the process of
identifying & evaluating production costs
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