Cost Accounting - Cost Accounting and Management Account

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Cost Accounting and Management Account

what is the difference between cost accounting and management account

Total Answers and Comments: 3

Last Update: June 28, 2008 Asked by: vijayrajan

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May 29, 2008 18:35:15

johnsembee

Member Since: May 2008 Contribution: 3

RE: Cost Accounting and Management Account

The process of tracking, recording and analyzing costs associated with the products or activities of an organization is Cost Accounting.

The process of identifing, measuring, analysing, preparing , interpreting and communicating the information is Management Accounting.

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June 28, 2008 21:08:02

ngodza22

Member Since: June 2008 Contribution: 3

RE: Cost Accounting and Management Account

Cost accounting :is mainly concerned with data captive, recording, accumulation & interpretation of information cost of prodution so as enable management to focust & relevent decision.
Management Accounting : is amalgamation & processing of historical & focusted data so as to make rational future plans.

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June 28, 2008 21:19:49

ngodza22

Member Since: June 2008 Contribution: 3

RE: Cost Accounting and Management Account

since fixed cost doesn't change whether you decide to produce or not to produce...eg rent, thus in marginal costing fixed cost element is removed so as to arrive at contribution... hence fixed cost is irrelevent cost in marginal costing

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