Financial accounting Managerial Cost accounting

accounting
Collection. Financial
accounting reports on the outcome
of an entire report
Collection Managerial
accounting almost always reports
at a more detailed level, such as
profits by product, merchandise,
customer, and geographical
district.
Collection: the cost accounting
is to determine the methods by
which expenditure on materials,
wages and overhead are recorded,
classified and allocated.

Merit.( Financial accounting
must comply with various accounting
standards like GAAP and IFRS FASB
etc,
Merit whereas managerial Merits: identifies gain less,
accounting does not have to unprofitable activities, inventory
comply with any standards when control, identifies reasons for loses
information is compiled for
internal utilization.

Value effectiveness. Value effectiveness Value effectiveness:

Financial accounting reports on the
profitability and therefore the
productivity of a business,
Proven statistics. Financial Proven statistics
accounting requires that records be
kept with reasonable correctness,
which is needed to prove that the
financial statements are correct.
whereas managerial accounting provide consistent clear performing
reports individually what is objectives, reduce organizational
causing complication and how to involvement, provide knowledge
fix them tools to succeed
Proven statistics: the
Managerial accounting frequently company can allocate its resources
deals with estimates, rather than to more profitable areas and see
proven and verifiable truth. how and where cost flows, this is
called cost allocation.

Reporting focus. Financial Reporting focus Reporting focus:

accounting is oriented toward the
creation of financial statements,
which are assign both within and
outside of a company. For example
summarizing, analyzing business
financial position such as
government agencies
Managerial accounting is more Reports only to the organizations
concerned with up and running central management to aid their
reports, which are only allocate decision-making
within a company. For example
profit of product, product line, etc