Differentiate between Management
Financial & Cost Accounting 1
Questions:
Q1. Differentiate between Management Accounting and Financial Accounting.
Q2. What is the different between cost accounting and management accounting?
Q3. State the objectives of cost accounting briefly explain the advantages of cost accounting.
Q4. “Cost accounting is better understood as a cost control and cost reduction exercise and not a more cost ascertainment process”. Discuss.
Q5. “Cost accounting is a system of foresight like pre-natal care, but financial accounting is just a postmortem examination”. Critically examine this statement
Q6. Define “Costing”, “Cost” and “Cost Accountancy”. Distinguish between cost accounting and financial accounting.
Q7. “A Good system of costing must place the same emphasize on cost control as on cost ascertainment”. Comment on this statement.
Q8. What one the limitations of financial accounting? How do you overcome item in cost accounting?
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