what is the difference between financial accounting and cost accounting?
Well financial accounting is more to do with the reporting requirements which rely on many accounting conventions like accrual concept, matching concept..etc..\n\nWhereas cost accounting is used more often to arrive at a product cost or cost of an activity, or a service,\n\nFin Acc is more broad based in the sense that it used for arriving at the profit/loss of a given period which would consider the financial performance of the organization.\n\nBut not cost accounting..which is Keeping account of the costs of items in production