1. How does cost accounting differ from financial accounting? Does this require the maintenance of two sets of information, or do they use the same information? When is cost accounting valuable to an organization?
Does cost accounting differ from financial accounting? If so, how? When is cost accounting valuable to an organization? Where is cost accounting information stored and maintained?
Yes, cost accounting, which is a kind of managerial accounting, is different from the financial accounting. The key difference between financial and managerial accounting is that financial accounting is aimed at providing information to parties outside the organization, whereas cost accounting information is aimed at helping managers within the organization make decisions.
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Solution Summary
How does cost accounting differ from financial accounting? Does this require the maintenance of two sets of information, or do they use the same information? When is cost accounting valuable to an organization?
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