difference between cost accounting,financial accounting and management accounting?

Branches of Accounting

-Financial accounting refers to accounting refers to accounting for revenues, expenses, assets, and liabilities. It involves the basic accounting processes of recording,

classifying, and summarizing transactions. Financial reports prepared under the generally accepted accounting principles (GAAP) promulgated by standard setting bodies are intended to be general purpose in orientation. This means they are not prepared especially for owners, or creditors, or any other particular user group. Instead, they are intended to be equally useful for all user groups. As such, attempts are made to keep them free from bias (neutral).

-Cost accounting is the branch of accounting dealing with the recording, classification, allocation, and reporting of current and prospective costs. Measurement of Cost involves the methods and techniques used in defining the components of cost (materials, labour & overhead), determining the basis of cost measurement, and establishing criteria for use of alternative cost measurement techniques.

-Managerial accounting is the branch of accounting designed to provide information to various management levels in the hospitality operation for the purpose of enhancing controls. Managerial accounting information is intended to serve the specific needs of management. Business managers are charged with business planning, controlling, and decision making. As such, they may desire specialized reports, budgets, product costing data, and other details that are generally not reported on an external basis.

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