Everything you need to know about cost accounting. Cost Accounting is the process of accounting for costs. It begins with the recording of income and expenditure and ends with the preparation of periodical statements. The terms 'Costing' and 'Cost Accounting' are often used interchangeably. But there is a little difference between the two. Costing simply means cost finding by any [...]
Everything you need to know about the key differences between cost accounting and management accounting. Cost Accounting and Management Accounting, are used interchangeably and are used in one and the same sense. Therefore, cost accounting supports management accounting and in turn management accounting pushes cost accounting further according to the needs of the management. Because of this strong bondage between [...]
Everything you need to know about the difference between financial accounting and cost accounting. Financial accounting is primarily concerned with the preparation of financial statements, which summarise the results of operations for selected period of time and show the financial position of the company at particular dates. Cost accounting is primarily concerned with determination of cost of something, which may [...]