Profile Photo

Financial accounting, management accounting and cost accounting

Financial accounting, management accounting and cost accounting

 

Financial accounting, management accounting and cost accounting

Our portal www.takshilalearning.com offers online CS PREPARATION classes of CS COURSE. In such CS PREPARATION classes, CS Executive COACHING CLASSES video lectures with proper notes are also available.

In CS ONLINE COACHING CLASSES for CS PREPARATION in the CS COURSE one of the subject at Executive level is Cost and Management Accounting. In this subject we have a  topic under management accounting viz, the difference between Financial accounting, management accounting and cost accounting which is explained below.

Difference between Financial accounting, management accounting, and cost accounting

Basis of comparisonFinancial accountingManagement  accountingCost accounting
MeaningFinancial accounting is an accounting system that captures the records of financial information about the business to show the correct financial position of the company at a particular date.In an organization, a system which helps to provides relevant information to the managers for making policies, plan and strategies for running the business effectively are known as management accounting.

 

In an organization, the recording, classifying and summarizing of cost data is known as Cost Accounting.

 

ObjectiveFinancial information to be provided to outsidersAssisting the management in planning and decision- making process.Ascertainment of cost.
ScopeFinancial Accounting has wide scope and area of application.Impact and effect aspect of costs.Concerned with ascertainment, allocation and distribution and accounting aspects of cost.
UserInternal and external partiesOnly internal managementInternal parties
FormatSpecifiedNot specifiedSpecified
MandatoryYesNoNo
Time of recordingAt the end of accounting periodComplete and detailed reports regarding various informationCost accounting are frequently prepared and reported to the management
InformationMonetaryMonetary and Non-monetaryQuantitative
Published and auditedBy statutory auditorIt is for only internal useBy cost auditor
PlanningLong range planningShort range planning and long range planningShort range planning
Cost of recordingHistorical cost onlyHistorical cost as well as predetermined costHistorical cost as well as predetermined cost

 

A complete explanation of Financial accounting, management accounting and cost accounting  is available in CS online coaching classes for online CS PREPARATION – CS Foundation, CS executive, CS Professional.

 

Subscribe to our social channel.

Difference between Financial accounting, management accounting and cost accounting Difference between Financial accounting, management accounting and cost accounting Difference between Financial accounting, management accounting and cost accounting Difference between Financial accounting, management accounting and cost accountingDifference between Financial accounting, management accounting and cost accounting

Follow us on Blogarama

Call us: 8800999280/8800999284 or fill the form for any other details:

No comments, be the first one to comment !

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    © 2015-17 Takshila Learning. All Rights Reserved.
    Request Callback
    close slider
    For course & fee related queries, Leave your details and our counsellor will get back to you or Call us at 8800-999-280
    • This field is for validation purposes and should be left unchanged.

    Login