The differences between financial accounting and cost-accounting are discussed in detail here.Financial AccountingCost AccountingIt summarises the financial data.It summarises cost information and data.it includes information about labour, materials, etc.It can be used by both internal and external users.This information is meant only for the users within the firm like management, employees, etc.It is mandatory and every organisation has to record financial transactions.Manufacturing firms do cost accounting. It is not mandatory for all firms.It provides the profit or loss of the whole business. The entire business is concerned here.It provides the profit or loss for products, individual processes, etc.There is no scope for forecastingHere, there is a possibility for forecasting