Difference between Cost Accounting and Management
Cost accounting will record only quantitative aspects. various Management Accounting will record both quantitative as well as qualitative aspects.Second differences with respect to objective.The objective of cost accounting is to record cost of producing a product or providing a service where is objective of management accounting is to provide information to the management so that they can do planning and co-ordination.Third difference is with regard to rules and regulation. Cost accounting has to follow certain principles and procedures for recording cost of different products whereas for management accounting there are no such specific rules and regulations - Fourth differences with regard to area cost accounting deals only with cost ascertainment. where as Management Accounting has got wider scope because it includes a financial accounting,budgeting,Tax Planning and so on,Fifth difference is with regard to recording of data - cost accounting will use both past and present figures where is Management Accounting is focused with the projection of figures for future and 6th differences is with regard to development. Cost accounting was developed in relation to industrial revolution where is Management Accounting was developed according to the needs of modern business world.