Definition of Financial Accounting
Financial accounting : Financial accounting refers to the accounting concerned with recording financial data of an organisation, in order to exhibit exact position of the business.Financial accounting ascertains the financial results, for the accounting period and the position of the assets and liabilities on the last day of the period.
Financial Accounting is the branch of accounting, which keeps the complete record of all monetary transactions of the entity and reports them at the end of the financial period in proper formats that increases readability of the financial statements among its users. The users of financial information are many i.e. from internal management to outside parties.
Definition of Cost Accounting
Cost Accounting :Cost accounting refers to that branch of accounting which deals with costs incurred in the production of units of an organisation. Cost accounting generates information so as to keep a check on operations, with an aim of maximizing profit and efficiency of the concern.
Cost Accounting is the field of accounting that is used to record, summarise and report the cost information on a periodical basis. Its primary function is to ascertain and control costs. It helps the users of cost data to make decisions regarding the determination of selling price, controlling costs, projecting plans and actions, efficiency measurement of the labour, etc.
I think I have covered the topic with best of my experiences but as it is a vast topic may other experts have different views!
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