Cost Accounting vs. Management Accounting (Essay Sample)

Cost Accounting Vs. Management Accounting
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Cost Accounting Vs. Management Accounting
There exist millions of cost and management accountants globally, who are pivotal in the smooth functioning of organizations. Management accounting is an extension of the conventional cost accounting branch, which focuses on the gathering and examination of information related to an entity’s expenses. The latter also helps monitor operations and various costs for businesses. Contrarily, management accountants not only utilize cost information but also attempts to elucidate both quantitative and qualitative aspects in such data. Understanding the distinction between the two accounting functions is critical in determining appropriate approaches for enterprises. Although both cost accounting and management accounting provide accurate and relevant data for better decision-making, they differ considerably in their scope and application.
Principally, both cost and management accounting help organizations make