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  Difference Cost Accounting and Financial Accounting

Difference between Cost Accounting and Financial Accounting

The distinctive features of financial accounting and cost accounting are described below.

Financial Accounting

Cost Accounting

 

1. It intended at finding out results of accounting year in the form of Profit and Loss Account and Balance Sheet.

 

1. It intended at computing cost of production or service in a scientific manner and then cost control and cost reduction.

 

2. It is more attached along with reporting the results and position of business to persons and authorities other than management such as government, creditors, investors, owners etc.

 

2. It is an internal reporting system for an organization's personal management for decision making.

 

3. Financial Accounting data is historical in

nature

 

3. It not only deals with historical data but also futuristic in approach.

 

4. In financial accounting, the main

importance is in cost classification based on

type of transactions, example salaries, repairs,

insurance, stores etc.

4. In cost accounting, classification is essentially on the basis of functions, activities, products, process and on internal planning and control and information requires of the organization.

 

5. In financial accounting, only those transactions are recorded which can be expressed in monetary terms.

 

5. Cost accounting uses both monetary as well as quantitative information.

 

6. It aims at representing 'true and fair' view

of the profit and loss position and financial position.

 

6. It aims at calculating 'true and fair' view of the cost of production/services offered through the firm.

 

7. Financial Accounts are issue to statutory

audit to confirm whether they disclose a

true and fair view of the profit and loss and financial position

 

7. Cost accounts are issue to cost audit

that verifies whether the cost accounts disclose true and fair view of the cost of production of the company.

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