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Identify the Actual Meaning of Cost Accounting and Management Accounting via Experts , Jul 2018

By : Abram Scharf Posted July 23, 2018 Reading Time: 2 minutes
No. of views: 29

As per the current scenario, accounting is the mandatory and basic subjects in all university.  Either we go for product buying or cost analysis in company, we needs accounting to identify the expenses. It is the basic needs of organization and business stores.  As it is necessary requirements, so demand is also high in markets. The students who are choosing accounting as main subjects get forgery and have to focus more on it.  The main subjects in Accounting are Cost Accounting and Management accounting. The graduates and post graduates look for accounting assignment help from experts for scoring good marks.

Let’s put a light on both the topics. Both are the crucial and demanding area of the subjects. The company used them to analysis their expenditure and the profit for better functioning. Both looks like same as governed by internal management for improvement in operational activities but you will be surprised to know the minute nuance. For better understanding the difference in both, students approach the experts for assignment help on cost accounting and management accounting. Basically, cost accounting is all about the quantitative analysis while management accounting is mixed combination of qualitative and quantitative analysis.

What is Cost Accounting?

Cost accounting is the main branch of accounting used for analysis of profit and loss in company. It is the main operation activity that involved collection of data, analysis of records, classification and information collection. Whenever company has to find out the net profit or total sales, accounting is the only scope. Cost accounting includes three major costing elements.

  • Material cost is the money used for buying the material directly or indirectly
  • Labor cost is  the total expenditure over the labor such as salary, bonus, incentives
  • Overhead cost is the fixed cost such as bills, administrative costs, rent cost etc.

The main function of cost accounting is to keep the track over the production cost and operation cost and other expenses. This information helps to calculate the overall performance and benefits in favor of company at the end of financial year.  The main objective is to reduce the cost and increase the saving of the company.

What is Management Costing?

It is another important branch of accounting which is handles by the top managerial level. Basically, it is all about the analysis and collection of qualitative and qualitative information. It deals with every financial and non-financial activity in an organization.  The main objective of management accounting is better development, planning, new policy generation, efficiency, controlled in an organization.

There is minute difference in both the topic but both are important for the welfare and development of a company, the students are asked to prepare the assignments and questions related to the subjects during academic studies. They feels mystify and confuse how to analyze the difference between both then no need to worry and take the management accounting assignment help from expertise and degree holders.