What is the difference between cost accounting and financial accounting?

[Good-Person]

Financial accounting is a term used to describe accounting of different aspects of financial operations. Cost accounting refers to accounting related to expenses and costs when it comes to running a business. I think that cost accounting is a part of financial accounting. What do you think?

 

[Ektalakra]

Yes, you're correct. Cost accounting is a subset of financial accounting that specifically focuses on tracking and analyzing the costs associated with running a business. It provides valuable information for financial accounting processes.