Cost Accounting is subset of Financial Accounting and Management Accounting. Determination of product cost is the function of Management Accounting.
Distinction between Cost Accounting and Management Accounting:
Sl. No. | Cost Accounting | Management Accounting |
01 | Cost Accounting is a technique or Method for determining the cost of a project, process or product. | Management Accounting is the process of identification, measurement, accumulation, analysis, preparation and communication. |
02. | Cost Accounting is confined to the area of product costing, cost and pricing. | The objective of Management Accounting is to have an information pool which will include any and all information that Management may need. |
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