Difference between management and Financial accounting.
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Financial accounting shows overall profit and loss but not details for individual products or departments. Management accounting provides detailed information and costs for products, plants, and departments to help with decision-making. Cost accounting provides historical cost information for future cost decisions, while management accounting uses both historical and predictive information for future decision-making.
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Difference between management and Financial accounting.
- 1. Topic: Difference between Management and Financial Accounting M VADIVEL B.COM – PA
- 4. Financial accounting shows the profit / loss of the business as a whole. It does not show the cost and profit for individual products, processes or departments, etc. Management accounting provides detailed information about individual products, plants, departments or any other responsibility centre.
- 11. RELATIONSHIP BETWEEN FINANCIAL ACCOUNTING AND MANAGEMENT ACCOUNTING
- 12. Link : Relationship 1 Relationship between Financial Accounting and Management Accounting
- 13. RELATIONSHIP BETWEEN COST ACCOUNTING AND MANAGEMENT ACCOUNTING
- 14. Cost Accounting: Provides future cost-related decisions based on the historical cost information. Management Accounting: Provides historical and predictive information for future decision- making.
- 15. Link : Relationship 2 Relationship between Cost Accounting and Management Accounting