Hi guys 👋 in this blog let see the differentiate between financial accounting and cost accounting.
Financial accounting provides the information about the business in a General way that is profit and loss account balance sheet of the business to owner and other outside partners it also classify records and analyses that transaction in a subjective manner that is according to the nature of expenses financial accounting lace emphasize on recording aspect without attaching any important to control it also reports operating result and definitely position usually at the end of the year financial accounts accounts of the whole business they are independent in nature It record all the commercial transaction of the business and include all expenses that is manufacturing office selling et cetera financial accounts or conserved with external transaction that is transaction between business cons and the third party only transaction which can be measured in monetary terms or recorded deals with the actual figures and fact only do not provide information and efficiency of various workers plant and machinery stock or valued at cost of market price which our is lower it is a positive Science as it is subject to legal rigidity with regarding to preparation of financial statements please accounts or kept in such a way to meet the requirements of Companies Act as per section 128 and Income Tax Act Section 44AA.
Cost accounting provides information to the management of proper planning operation control and decision making the expenditure is an objective manner that is according to the purpose for which the cost or in curd a detailed system of control for material labour and overhead cost with the help of standard costing and budgetary control it give information through cost report to management as when decide this only part of the financial accounts and disclosis profit or loss of each product job or service it relates to transaction connected with manufacturing of goods and service mains expenses which enter into production cost accounts or concerned with internal transaction which do not involve any cash payment or receipt non monetary information like no of units horse etc are used it deals with partly facts and figures and a partly estimate standard provide valuable information on the efficiency of employees and plant and machinery stocks or value that cost only it will not only positive science but also normative because it includes techniques of budgetary control and standard costing general accounts or kept to volunteerly to meet their requirement of the management only in Some industries cost accounting records kept as per the Companies Act. 
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