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CS Executive learn Difference between Financial Accounting and Cost Accounting

CS Executive learn Difference between Financial Accounting and Cost Accounting

  • Scope: Financial accounting covers the book-keeping & summarizing of all financial transactions according to Money Measurement Concept.While in Cost accounting, covers calculation of the Cost of producing or selling a product, or rendering a service.
  • Reporting: In Financial accounting, reporting is done to both internal & external users. However, in Cost accounting, there are only internal users as it is an internal management matter.
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  • Statutory Requirement:  Learn more......
  • Because of these differences, profits/losses tend to differ in Financial accounting and Cost accounting. Hence, reconciliation is needed between the two which will be discussed later.

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