Here is the list of differences between cost and management accounting –
1. While cost accounting is done for both internal and external parties (creditors, supplier, government etc…) but management accounting is done for internal users that is for top executives only.
2. Under Cost Accounting certain principles related to costs are followed which is not the case with management accounting.
3. While Cost can be defined as a process of ascertaining the cost, Whereas other is one, which enables management in doing its functions efficiently.
4. The primary object of cost is to determine and record cost of products and services while other is intended at presentation of information for the use of the management.
5. The scope of costs accounting’s is not wide. It is a part of Management Accounting’s but management accounting has a wider scope it includes financial , Statistics, economics apart from Cost.