Cost accounting versus financial

  • Cost accounting topics

    Cost accounting only deals with costs.
    Management accounting analyzes every aspect of the business, including costs.
    Since management accounting encompasses all aspects of the business's financials, cost accounting is actually a subset of management accounting..

Financial accounting involves the preparation of a standard set of reports for an outside audience, which may include investors, creditors, credit rating agencies, and regulatory agencies. Cost accounting involves the preparation of a broad range of reports that management needs to run a business.

What is a cost accounting analysis?

Based on information recorded under cost and financial accounting, various analyses can be prepared, such as:

  • ratios
  • growth & margin trends
  • and industry comparison.
    Cost accounting information compares the cost with the revenue recorded under financial accounting.

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