Difference between Cost Accounting and Management Accounting
Difference between Cost Accounting and Management Accounting – The main difference between Cost accounting and Management accounting are as follows:
| Difference | Cost Accounting |
Management Accounting |
|
This system of accounting evolved in the beginning of 20th century. |
This system of accounting evolved in the middle of 20th century. |
|
The main object of cost accounts is to ascertain and control cost. | The main object of management accounts is to provide useful information to management for decision making. |
|
It is bases on both present and future transactions for cost ascertainment. | It is concerned purely with the transactions relating to future. |
|
It is based on both present and future transactions for cost ascertainment. | It is concerned purely with the transactions relating to future. |
|
It deals only with monetary transactions it covers only qualitative aspects. | It deals with both monetary and non-monetary transactions, both quantitative and qualitative aspects. |
|
Cost accounting follows a definite principle for ascertaining cost and a format for recording. | It does not follow a definite principle and format. Instead, the data to be presented depends upon the need of the management. |
Related Links
Advantages and Disadvantages of Cost Accounting
Meaning of Cost Accounting | Nature and Scope of Cost Accounting
Cost Accounting | Purpose or Functions of Cost Accounting
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