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difference Between Cost Accounting and Financial Accounting?
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Answer Posted / 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.
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