Education and Career Forum

difference between cost accounting and financial accounting?

The difference between cost accounting and financial accounting is as below:

>>This is an accounting with help of which every organization keeps track of various costs incurred on production opportunities. It has record of material, labour and overhead in production process. It is compulsory for manufacturing firms.

>>In case of financial accounting, every organization keep tracks of its financial affairs and it helps to show financial position of company at particular interval of time. This is mandatory for all firms.