Management and Cost Accounting

	Management Accounting	Cost Accounting
Definition	Focuses on providing information to managers within an organization to support decision-making, planning, and control activities.	Focuses on recording, analyzing, and reporting costs associated with producing goods or services.
Objective	To provide accurate and relevant information to help managers make better decisions related to cost management, pricing, budgeting, and performance evaluation.	To help businesses manage costs, improve profitability, and make informed decisions about pricing, production, and resource allocation.
Focus	Information is used to make informed decisions related to both financial and non-financial aspects of the business.	Information is used to calculate the cost of goods sold, prepare budgets, forecasts, and financial statements.
Techniques and Tools	Budgeting, cost accounting, performance analysis, and financial forecasting.	Identifying, measuring, and allocating costs to different products or services using various methods, such as job order costing, process costing, and activity-based costing.
Types of Costs	Both direct and indirect costs are analyzed.	Mainly focuses on direct costs that can be attributed directly to a specific product or service.
Use of Information	Used by managers to make informed decisions about resource allocation, cost management, pricing strategies, and other operational and strategic decisions.	Used to evaluate the profitability of different products or services, support pricing decisions, and determine the overall cost structure of the business.