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    Diff. Between FA MA & CA

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    Pooja Kaul
    Financial accounting records transactions and follows GAAP to provide information primarily in monetary terms on a historical basis, generally published annually. Cost accounting ascertains and allocates costs to determine profit or loss, following certain cost accounting principles, for quantitative reporting. Management accounting assists with decision making and policy formulation, using both quantitative and qualitative past and projected future information, voluntarily reported as needed for management requirements.

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    Diff. Between FA MA & CA

    Uploaded by

    Pooja Kaul
    30K views2 pages
    Financial accounting records transactions and follows GAAP to provide information primarily in monetary terms on a historical basis, generally published annually. Cost accounting ascertains and allocates costs to determine profit or loss, following certain cost accounting principles, for quantitative reporting. Management accounting assists with decision making and policy formulation, using both quantitative and qualitative past and projected future information, voluntarily reported as needed for management requirements.

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    difference among MA, CA and FA

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    Diff. between FA MA & CA

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    Financial accounting records transactions and follows GAAP to provide information primarily in monetary terms on a historical basis, generally published annually. Cost accounting ascertains and allocates costs to determine profit or loss, following certain cost accounting principles, for quantitative reporting. Management accounting assists with decision making and policy formulation, using both quantitative and qualitative past and projected future information, voluntarily reported as needed for management requirements.

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    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    Download as ppt, pdf, or txt
    30K views2 pages

    Diff. Between FA MA & CA

    Uploaded by

    Pooja Kaul
    Financial accounting records transactions and follows GAAP to provide information primarily in monetary terms on a historical basis, generally published annually. Cost accounting ascertains and allocates costs to determine profit or loss, following certain cost accounting principles, for quantitative reporting. Management accounting assists with decision making and policy formulation, using both quantitative and qualitative past and projected future information, voluntarily reported as needed for management requirements.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    Differences Between Financial, Cost & Management Accounting

    Basis
    Objects

    Financial Accounting

    Cost Accounting

    Management Accounting
    To assist the management in decision-making & policy formulation. Deals with projection of data for the future (futuristic in nature)

    Record transactions Ascertainment, allocation, & determine accumulation and financial accounting for cost position & profit or loss. Concerned with Concerned with both past historical data. and present recorded(historical in nature). by Certain followed costs.

    Nature

    Principle Governed Followed GAAP Data used

    principles No set principles are for recording followed in it.

    Qualitative aspects Only quantitative aspect is Uses both are not recorded recorded. quantitative and qualitative concepts.

    Distinction Between Financial, Cost & Management Accounting


    Basis Financial Accounting Cost Accounting Management Accounting

    Reporting frequency
    Publication

    Generally at end As & when desired by As & when desired by of year management management
    Published in case NOT published of companies NOT published

    Information Monetary recorded transactions ONLY Forms of Accounts are Account prepared to meet the legal requirements.

    Both monetary and Both monetary and non-monetary non-monetary information. information These are generally kept Voluntarily to meet the requirements of the management. These are generally kept Voluntarily to meet the requirements of the management.

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