Though Cost Accounting and Management Accounting are used synonymously, but there are a few differences. ENUMERATE any five differences.

Difference between Cost Accounting and Management Accounting Basis Cost Accounting Management Accounting (i) Nature It records the quantitative aspect only. It records both qualitative and quantitative aspect. (ii) Objective It records the cost of producing a product and providing a service. It provides information to management for planning and co-ordination. (iii) Area It only deals with cost Ascertainment. It is wider in scope as it includes financial accounting, budgeting, taxation, planning etc. (iv) Recording of data It uses both past and present figures. It is focused with the projection of figures for future. (v) Development Its development is related to industrial revolution. Its development is related to the need of modern business world. (vi) Rules and Regulation It follows certain principles and procedures for recording costs of different products. It does not follow any specific rules and regulations.