Cost accounting vs. Management accounting

Posted by : Rakesh Sinha
Posted On : 9/13/2013 3:13:34 AM
Posted As :Question Answers
Category :Accounting
View : 674
                 
Cost accounting is a process of collecting, analyzing, summarizing and evaluating various alternative courses of action. Its goal is to advise the management on the most appropriate course of action based on the cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future. Management accounting is about producing accurate information in aiding a company’s management in decision making. Management accounting is usually used as an input in the planning of projects, and as a technique for evaluating how well a firm has done in a given period. An important purpose for using management accounting would be to compare the current financial information with the previous period’s financials, in order to ascertain how well the set targets have been met or surpassed. Management accounting is particularly valuable for a firm in terms of strategy formulation, budgetary control and project planning, and evaluation.
 
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