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What is Financial vs Cost Accounting Distinctions about?

Financial accounting and cost accounting are closely related systems that use similar accounting principles. However, they differ in their purpose, obligation to maintain accounts, and level of analysis. Financial accounting provides external reporting, must be maintained by law, and analyzes profit for the whole business. Cost accounting provides internal reporting to management, is maintained voluntarily, and analyzes profitability by product, process, or operation. Management accounting evolved later to

Author

Rishabh Mehta

Language

EN