Difference between Cost Accountong and Financial accounting

 We know that accounting is the process of identifying, recording ,classifying,summarising,and intepretating the transaction. 

There are many parts of accounting.These are Cost accounting ,Financial Accounting ,Management Accounting and so on

Every accounting plays an important role for the growth of organisation. Their feature function ,goal ,objective are variable to each other. 

The main difference  of  Cost accounting and Financial accounting is as below. 

Cost Accounting

1.The process in which organisation knows total expenditure  of product or service this process is called Cost Accounting

2.It belongs to production and concern function of production..

3.It is a  part of Finance department . 

4.It is an internal accounting. 

5.Its  information is used by Production Manager. 

6.It belongs to cost minimization or cost control

7.Some transaction depends on forecasting ways

8.it is narrow. 

Financial Accounting

1.The process which organisation knows the financial status of company this type of accounting is called Financial Accounting.

2.It belongs to all activity of organisation. 

3.it is not a part. It is a seperate department 

4.It is an external accounting

5.Its information is used by shareholder,investors.

6.It belongs to profit and profit maximization

7.No transaction depends on forecasting ways

8.It is wide.

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