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a) Purpose
The main objective of cost accounting is to ascertain and control the cost of products or services.
The function of management accounting is to provide information to management for efficiently performing the functions of planning, directing, and controlling.
b) Emphasis
Cost accounting is based on both historical and present data.
Management accounting deals with future projections on the basis of historical and present cost data.
c) Principles
Established procedures and practices are followed in cost accounting.
No such prescribed practices are followed in Management accounting.
d) Data
Cost accounting uses only quantitative information.
Management accounting uses both qualitative and quantitative information.
e) Scope
Cost accounting is concerned mainly with cost ascertainment and control.
Management accounting includes, financial accounting, cost accounting, budgeting, tax planning and reporting to management.
f) Status
The Status of cost accountants comes after management accountant.
Management accountant is senior in position to cost accountant.
g) Tools and techniques
In cost accounting it has standard costing, variable costing, break even analysis etc. as the basic tools and techniques.
Along with these, management accountant has funds and cash flow statements, ratio analysis etc. as his tools and techniques.
h) Installation
In cost accounting it can be installed without management accounting.
In managerial accounting it needs financial and cost accounting as its base for its installation.
Lellah answered the question on November 8, 2021 at 13:25
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