What are the differences between cost accounting and financial account

What are the differences between cost accounting and financial accounting?

Answer»

S.no	Cost accounting	Financial accounting
1.	It includes the preparation of a report which the management REQUIRES to run a business.	It includes the preparation of a report for investors, credit RATING agencies, creditors, etc
2.	Cost accounting collects the cost of raw materials, finished GOODS INVENTORY, and work-in-process.	It includes all this INFORMATION into its financial reports and mainly into the balance sheet.