{"id":4089,"date":"2017-03-09T10:33:19","date_gmt":"2017-03-09T10:33:19","guid":{"rendered":"https:\/\/www.getsmarter.com\/blog\/?p=4089"},"modified":"2022-03-17T09:37:32","modified_gmt":"2022-03-17T07:37:32","slug":"cost-accounting-and-financial-accounting","status":"publish","type":"post","link":"https:\/\/www.getsmarter.com\/blog\/cost-accounting-and-financial-accounting\/","title":{"rendered":"What\u2019s the difference between cost accounting and financial accounting? |FAQs"},"content":{"rendered":"<p>Wondering about the difference between cost accounting and financial accounting?<\/p>\n<p>Both entail the preparation of financial reports, but the content of those reports and who they are used by differs.<\/p>\n<p>Watch this 1 minute video where Janine Daniels, Head Tutor of the <a href=\"https:\/\/www.getsmarter.com\/courses\/za\/uct-cost-and-management-accounting-online-short-course\" target=\"_blank\" rel=\"noopener\">University of Cape Town Cost and Management Accounting online short course<\/a>, guides you through the difference between cost accounting and financial accounting.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/2cj4C_IBdgM\" width=\"960\" height=\"540\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h5 style=\"text-align: center;\">Want the valuable internal decision-making skills to contribute to your business with confidence?<\/h5>\n<p style=\"text-align: center;\">Advance your career in cost and management accounting, with the <a href=\"https:\/\/www.getsmarter.com\/courses\/za\/uct-cost-and-management-accounting-online-short-course\" target=\"_blank\" rel=\"noopener\">UCT&nbsp;Cost and Management Accounting online short course<\/a>.<\/p>\n<p style=\"text-align: center;\"><strong><a class=\"button large postcta\" href=\"https:\/\/www.getsmarter.com\/courses\/za\/uct-cost-and-management-accounting-online-short-course\" target=\"_blank\" rel=\"noopener\">FIND OUT MORE<\/a><\/strong><\/p>\n<blockquote><p>Transcription:<\/p>\n<p>Financial accounting involves the preparation of a standard set of financial reports for external users, which may include investors, creditors, credit rating agencies and regulatory agencies. It is mostly used to report on the position, performance and cash flow of the business for a period that already occurred &#8211; generally, the past year.<\/p>\n<p>Cost accounting involves the preparation of a broad range of internal financial reports that management needs in order to run a business effective and efficiently. It involves costing, pricing, forecasting, asset management and control, and enables management to make better business decisions.<\/p>\n<p>&nbsp;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Watch this video to learn about the difference in reporting. <\/p>\n","protected":false},"author":74,"featured_media":44760,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[128],"article-format":[],"class_list":["post-4089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-career-advice","tag-finance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What\u2019s The Difference Between Cost Accounting And Financial Accounting?<\/title>\n<meta name=\"description\" content=\"Cost and financial accounting entail the preparation of financial reports, but the content and purpose of those reports differs. Watch this video.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.getsmarter.com\/blog\/cost-accounting-and-financial-accounting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s the difference between cost accounting and financial accounting? |FAQs\" \/>\n<meta property=\"og:description\" content=\"Cost and financial accounting entail the preparation of financial reports, but the content and purpose of those reports differs. 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