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Unit 1: Cost and Management accounting concepts (Financial Accounting VS…
Unit 1: Cost and Management accounting concepts
Financial Accounting VS Management Accounting
Role
Provision of financial and non-financial info
Help decision makers make good decisions
Understanding
Users
External
Shareholders,creditors,regulatory agencies, suppliers, investors, lenders.
Internal
Managers, employees
Decision-making
Categories
Management Accounting
information that is used to plan, direct, motivate and control company for internal users.
Cost Accounting
cost and expenses incurred by a company while manufacturing a product or providing a service
Financial Accounting
financial statement
Cost Concepts and Classifications