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.|
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