Difference Among / Between Financial Accounting, Cost Accounting And Management Accounting Or Managerial Accounting With Relationship
Fi nancial Accounting is concerned wit h the fi nancial performance and financial position of t he b usi ness. Cost Accounting is t he study of cost of u nits productio n or service. Managerial Accounting or Management Accounting is related wit h the decisio n making process in order to use t he resources efficie ntly to get b etter fi nancial performance and financial position of t he b usi ness. T he perso n involves in financial accounting is called Financial Accountant w h o prepares Books of Accou nts of t h e company’s b usi ness. Cost Accountant is t he o ne w ho prepares cost of each u nit production or service. I n a company, Ma nagement or Managers are done t he works of Ma nagerial Accounting for b etter decisio n making process. T hey ma nage t he fi nancial activities and cost of productions or service to get b etter results from the availa b le resources with mi nimum cost. Under financial accounting, Financial Statements are prepared w h ic h are...