Financial Accounting | Cost Accounting and Management Accounting | Explained with Examples

Описание: 📘 Financial Accounting vs Cost Accounting vs Management Accounting | Complete Explanation

Accounting is the language of business—but different types of accounting serve different purposes. In this video, we explain the *differences between financial accounting, cost accounting, and management accounting* in a simple and clear way.

🔹 Financial Accounting
✔ Records and reports income, expenses, assets & liabilities
✔ Prepares income statement, balance sheet, cash flow
✔ Provides information for external stakeholders

🔹 Cost Accounting
✔ Deals with recording, analyzing & controlling costs
✔ Helps in cost computation, cost reduction & cost saving
✔ Primarily for internal users like managers

🔹 Management Accounting
✔ Uses data from financial & cost accounting for decision-making
✔ Helps in planning, controlling & strategic management
✔ Provides insights for day-to-day as well as long-term decisions

📊 Key Differences:
Financial accounting is mandatory & regulated, while management and cost accounting are for internal decision-making.
Financial accounting uses historical data; management accounting also uses projections.

This video is helpful for *B.Com, M.Com, BBA, MBA, CA, CMA, Finance students* and professionals who want to clearly understand accounting concepts.

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