What are the differences between cost accounting and financial accounting?
S.no | Cost accounting | Financial accounting |
---|---|---|
1. | It includes the preparation of a report which the management requires to run a business. | It includes the preparation of a report for investors, credit rating agencies, creditors, etc |
2. | Cost accounting collects the cost of raw materials, finished goods inventory, and work-in-process. | It includes all this information into its financial reports and mainly into the balance sheet. |
BY Best Interview Question ON 20 Apr 2019