Difference
between Cost Accounting and Management Accounting
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Basis
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Cost Accounting
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Management Accounting
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(i)
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Nature
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It records the quantitative aspect only.
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It records both qualitative and
quantitative aspect.
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(ii)
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Objective
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It records the cost producing
a product providing a service.
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of and
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It Provides
information to management for planning and co-ordination.
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(iii)
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Area
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It only deals with
Ascertainment.
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cost
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It is wider
in scope as it includes financial accounting,
budgeting, taxation, planning etc.
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(iv)
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Recording of data
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It uses both past
and present
figures.
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It is focused
projection of future.
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with
figures
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the
for
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(v)
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Development
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Its development is related to industrial revolution.
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It develops
in accordance to the need of modern business world.
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