Similarities Between Managerial Accounting And Cost Accounting ?


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Managerial accounting deals with the use of accounting information to managers in the organizations and cost accounting also deals with the same goal. Both branches of accounting helps the companies to make informed business decisions that may allow the managers to be better equipped in management and control functions. Therefore, both accounting fields help the organizations in decision making. Managerial accounting deals with the preparation of budgets to determine the allocation of the resources and cost accounting also deals with determining the costs allocated to various operations. Information derived from both managerial accounting and cost accounting is used by the internal managers. Moreover, cost accounting is a part of managerial accounting and all concepts used in cost accounting are derived for the managerial purposes.

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