1. scope
-: the scope of financial accounting question to cover both operating and non-operating activities
-: cost accounting consider only operating activities for the purpose of preparing cost book of account and for submitting cost report to the interested parties.
2. periodicity of reporting
-: financial accounting is normally concerned with the preparation of financial statement at the end of each accounting year.
-: cost accounting provide cost information continuously to various level of management which may be daily weekly monthly quarterly half yearly annually etc.
3.purpose
-: the main purpose of financial accounting is to prepare profit and loss account and balance sheet to provide information to outside agency
-: the main purpose of cost accounting is to provide detailed cost information to management for taking decision
4. legal requirement
-: financial account obligatory to be prepared according to legal requirement of Companies Act and Income Tax Act
-: maintenance of cost account is voluntary expect in certain Industry that in many industry it has been obligated to keep cost accounting record.
5. party served
-: financial accounting primary limit furnishing the information for used mainly by the parties who are external to the companies like shareholder customer government etc
-: cost accounting am at providing information for use by the internal parties for taking necessary decision.