Where Knowledge Meets Awareness
| Basis of Difference | Management Accounting | Cost Accounting |
|---|---|---|
| Definition | Management Accounting provides financial and non-financial information for managerial decision-making. | Cost Accounting records, analyzes, and controls costs related to production or operations. |
| Objective | To assist management in planning, controlling, and decision-making. | To ascertain and control the cost of production. |
| Scope | Wider scope including budgeting, forecasting, decision analysis, etc. | Narrow scope focused only on cost control and reduction. |
| Data Used | Uses both financial and non-financial data. | Mainly uses financial and cost-related data. |
| Users | Internal management. | Primarily internal but may assist in external reporting as well. |
| Periodicity | Reports generated as needed (real-time or periodically). | Reports are generally periodic and consistent. |
| Regulations | Not bound by specific accounting standards. | Follows cost accounting principles and standards. |
