Distinction between Financial accounting and Cost and Management accounting

S.No	Financial accounting	Cost and Management accounting
1	It is primarily for external purpose	It is primarily for internal purpose
2	It provides information about the financial performance and financial position of the business	It provides information of ascertainment of cost to control cost and for decision making about the cost.
3	It classified records, presents and interprets transaction in terms of money	It classifies, records, presents and interprets in a significant manner the material, labour and overheads cost
4	It shows the profit or loss of the organization	It provides the details of cost and profit of each product, process etc
5	Financial statements are prepared for a definite period, usually a year	Its reports and statements are prepared as and when required.
6	A set format is used for presenting financial information	There are not any set formats for presenting cost information.