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Understanding the Varied Focus of Cost Accounting and Financial Accounting
December 14, 2023
How does cost accounting differ from financial accounting?
Cost accounting centers on analyzing and managing internal costs related to production, while financial accounting concentrates on reporting a company's financial performance to external stakeholders. Cost accounting focuses on cost control and decision-making, while financial accounting emphasizes reporting financial information for regulatory and investment purposes, following standardized principles like GAAP or IFRS.
Tags : Cost Accounting , Financial Accounting , Management Accounting