What are the difference between management accounting and cost accounting

Management (or managerial) accounting deals with the bigger picture: Reports to those inside the organization for planning, directing and motivating, controlling and performance evaluation. Emphasis is on decisions affecting the future.

Cost accounting deals with the costs associated with producing your product/delivering your service, for example: Cost of Goods Sold calculations.

Management accounting helps managers plan and control a company's operations. Accountants prepare budgets to express management's goals in financial terms. After a budget has been adopted, performance reports compare actual results with the budget. Cost accountants help management keep track of how much it costs a company to make the product, or provide the service, it sells.

It is a bit demoralizing to find that many of the answers are too shallow and look plagiarized... we students seeking information need to find new answers to these questions and not duplications from other sites . We want authenticity.. next time I will give you an example of what I am talking about today I was just looking for help.

Many of the questions are copy/pasted from their homework assignment - they are looking for someone to give them the answers.

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Good

) The scope of management accounting is broader than that of cost accounting.

2) Both the accounting streams are not a legal requirement.

3) Cost accounting provides only cost information for managerial use whereas management accounting provides all types of accounting information i.e. cost accounting as well as financial accounting information.

4) In Cost accounting, the main emphasis is on cost ascertainment and cost control whereas in management accounting the main emphasis is on decision-making.

5) The various techniques used by cost accounting are standard costing, budgetary control, marginal costing and cost-volume-profit analysis, uniform costing and inter-firm comparison, etc. whereas management accounting also uses these techniques but also uses techniques like ratio analysis, funds flow statement, statistical analysis etc.

6) Cost Accounting is a part of Management Accounting whereas Management accounting is an extension of managerial aspects of cost

HMM!-Question was asked in 2009, answer probably not needed now. Welcome to AMHD but be sure to check the date of the first post, thanks.