Answer to Question #200563 in Finance for aman

Question #200563

How are management accounting and cost accounting related?




1
Expert's answer
2021-05-31T15:50:20-0400

Management accounting is concerned with received data from financial accounting and cost accounting. It uses both financial and cost accounting data.

Cost accounting focuses on cost-related data.


Both cost accounting and management accounting need essential knowledge of basics and principles of accounting. They both use similar techniques and procedures of accounting, analysis and computation and provide relevant data that helps in management and decision making.

The data and statements provided by both cost accounting and management accounting are generated with reference to a certain period. They are mainly used for internal management of an organization's employees.



Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS