Differences between Cost Accounting and Management
Accounting are given below-
1. Cost accounting deals with
ascertainment, allocation, apportionment accounting aspect of costs. Management
accounting deals with the effect and impact of costs on the business.
2. Cost accounting provides a base for
management accounting whereas management accounting is derived from cost
accounting and financial accounting.
3. Cost accounting does not include
financial accounting, tax planning and tax accounting. Management accounting
includes financial and cost accounting, tax accounting and tax planning.
4. Cost accounting is concerned with
short term planning. Management accounting is concerned with short range and
long range planning.
5. Cost accounting merely assists
the management with functioning. Management accounting assists and evaluates
the management performance.
6. Cost accounting can be installed
with management accounting but management accounting can not be installed
without cost and financial accounting.
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