Difference between chartered accountant and management accountant

Definitions and meanings: Chartered accountant: A chartered account is a professional accountant who studies and acquires experience in specialized fields of business to perform complex business engagements that are usually mandatory by a country’s law. Performing audits of public and private limited companies is an example of such engagements. Chartered accountants are normally members of … Read moreDifference between chartered accountant and management accountant

Difference between cost accounting and management accounting

Accounting involves measuring, presenting and reporting of financial information of an enterprise. Accounting can further be segregated into types based on the information that they seek to report. These can include financial accounting, cost accounting, tax accounting and management accounting. These different types all have a similar theme that they revolve around disclosure of enterprise … Read moreDifference between cost accounting and management accounting

Difference between activity based costing and traditional costing

Definitions and meanings: Activity based costing: Activity based costing is a method of cost allocation of overhead costs such that, for each different activity, a different cost driver is applied which is best suited for that activity. The cost driver is specifically selected for each activity. Traditional Costing: Traditional costing is a costing method used … Read moreDifference between activity based costing and traditional costing

Difference between incremental budgeting and zero based budgeting

Definitions and meanings: Budgeting is basically formulation of realistic plans for dispersing resources of a company. A company prepares different kinds of budgets and then reconciles them with the original outcomes. Sales budgets, purchases budgets and production budgets etc. are some types of budgets. The purpose of this article is to define and explain the … Read moreDifference between incremental budgeting and zero based budgeting

Difference between financial performance measurement and non-financial performance measurement

Definitions: Financial performance measurement: Financial performance measurement is a measure of financial health of a company. These measures are used to determine that how well a company is using its available resources in order to generate sustainable revenues and operating income. Non-financial performance measurement: Non-financial performance measurement is a measure for establishment of non-financial indicators … Read moreDifference between financial performance measurement and non-financial performance measurement

Difference between financial and managerial accounting

Definitions: Financial Accounting: Financial accounting is a branch of accounting that deals with the recording and summarizing of financial transactions and presenting information in form of financial statements that reflect a fair picture of financial health of a business. Management Accounting: Management accounting refers to such accounting which helps the management of a company to … Read moreDifference between financial and managerial accounting