Difference between Cost Accounting and Management Accounting

Difference between Cost Accounting and Management Accounting – The main difference between Cost accounting and Management accounting are as follows:

Difference	Cost Accounting	Management Accounting
Origin	This system of accounting evolved in the beginning of 20th century.	This system of accounting evolved in the middle of 20th century.
Object	The main object of cost accounts is to ascertain and control cost.	The main object of management accounts is to provide useful information to management for decision making.
Basis of recording	It is bases on both present and future transactions for cost ascertainment.	It is concerned purely with the transactions relating to future.
Scope	It is based on both present and future transactions for cost ascertainment.	It is concerned purely with the transactions relating to future.
Types of transactions dealt with	It deals only with monetary transactions it covers only qualitative aspects.	It deals with both monetary and non-monetary transactions, both quantitative and qualitative aspects.
Principle	Cost accounting follows a definite principle for ascertaining cost and a format for recording.	It does not follow a definite principle and format. Instead, the data to be presented depends upon the need of the management.

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