Cost accounting Management accounting Financial management

 Cost accounting is  Management accounting  Financial accounting is

the process of refers to the application the art of recording,
account for cost of the account principle classifying &
from the very & increase the value of summarising the
starting till the end organization for the monetary transactions
of the reporting stake holders and events in manner
period reports are useful for the stakeholder
prepared at the end to interrupt the result
of the period in
order to ascertain
where the lead can
reduce out
controlled.

 It records  It records quantitative &  It records qualitative

quantitative aspects qualitative as well aspects only
only

 It basically records  It is performed in order  It is undertaken to

the cost of to help the management prepare profit and loss
producing a product and make decision by A/c & balance sheet for
or providing a providing the relevant presentation to
service in which the information shareholder & other
business primarily
deal
 Data is recorded  It focused on projection  It records historical data
using both past & of data for the future
present figures

 It follows tertian  It does not follow any  It follows accounting

principles and specific rules & principles accordingly
procedure for regulation standards & Indian
recording costs standards
 It developed after  It developed to address  It is developed before all
the industrial the need of modern other forms of
revolution business world accounting