Simple answer: They both provide useful information to users. Thus is the true goal of accounting.
Cost accounting users= managers Financial accounting user= shareholders
financial accounting encompasses all account presented on the face of the financial statement, its presentation, recognition, measurement and disclosures. while cost accounting is only focused on the...
Cost accounting mainly becomes a decision making issue. However, it does impact financial accounting with regards to the inventory account on the balance sheet statement and cost of goods sold on the...
Cost accounting is usually involved with management accounting. Financial accounting tends to deal with the past and presents information like statements for public and private use. Management......
Cost Accounting related to accounting methods and techniques used by managers to operate their firms. Examples include raw materials, labor and manufacturing overhead management. On the other hand,...