Differences among Financial Accounting, Cost Accounting and Management Accounting
Financial Accounting: It limits its
activities in recording transactions and determining financial result and
position. It is also called ‘Stewarding Accounting’.
Cost Accounting: It takes the
responsibility of determining cost of production and services and controlling
cost with a view to maximizing profit. It is also called ‘Control Accounting’.
Management Accounting: It takes the duty of
helping management in planning and decision making. The applied position of
Cost Accounting is Management Accounting. It is also called ‘Decision-Making