difference between the cost accounting, financial accounting and managerial accounting
â¢ Cost accounting is backward looking and evaluates past data, whereas managerial accounting is forward looking and involves planning and prediction for the future. â¢ Both forms of accounting are essential for the smooth running of a business and essential components in the decision making process.
The differences between management accounting and financial accounting include: Financial accounting is required by law while management accounting is not. Specific standards and formats may be required for statutory accounts such as in the I.A.S International Accounting Standard within Europe.