Cost Accounting Vs Management Accounting & Management Accounting Vs Financial Accounting

This Slide includes:
1. Cost Accounting Vs Management Accounting
2. Management Accounting Vs Financial Accounting
3. Types of Accounting
4. Difference between Cost, Management and Financial Accounting with basis

1. Cost Accounting Vs Management Accounting Management Accounting Vs Financial Accounting Uttar Tamang

2. Cost Accounting Vs Management Accounting Basis Cost Accounting Management Accounting Objectives The main objective of cost accounting is to determine the cost of production and control the cost . The objective of management accounting is to assist the management by supplying necessary accounting information. Scope The scope of cost accounting is not broad. It deals primarily with cost accept and cost control. The scope of management accounting is broad. Financial accounting, cost accounting, statistics etc are related with management accounting. Nature This accounting system is concern with both past as well as present fact and figures. Management accounting is concern with the transaction relating to the future.

3. Management Accounting Vs Financial Accounting Basis Management Accounting Financial Accounting Objectives Its main aim to assist managers at all level i.e. internal users by providing necessary accounting information. It is prepare for outsider like shareholders, government, customer, suppliers etc. as well as organization manager. Accounting Principles It has no such principle for preparation and presentation of report. Therefore, reports differ from one organization to another. It is government by GAAP. Therefore, all organization prepares the financial reports in a same manner. Reporting It provides information in the form of reports at certain time interval. As per the need of the management. Financial reports are generally prepare at the end of the fiscal year to report stakeholders. Cont…

4. Legal compulsion It is voluntary. It is applied to increase managerial efficiency for attaining organization objectives. It is compulsory in every business organization. Performance Measurement It measures the efficiency and performance of various departments and divisions. It measures the overall efficiency and performance of organization Secrecy Secrecy of report is compulsory because it is prepare for internal decision making for managers. Generally, financial reports are publishing to the knowledge of the outsiders. So , they are not separately maintain as management accounting report. Span of Time It varies from one hour to many years. It is generally, preparing on monthly, quarterly, half-yearly and yearly basis.

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