What is the difference between cost accounting, management accounting, and financial accounting?
1. Cost Accounting - Its objectives is to ascertain cost, control cost and to provide information for decision-making. Cost accounting discloses cost, profit or loss of each product, job or service. Provide a detailed system of control for material, labour and overhead costs. 2. Management accounting gives accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions. 3. Financial accounting provide information about overall financial performance and position of the business. Discloses the net profit or loss of the business as a whole.