Which of the following differences between Cost accounting and Management Account is not correct?
1
The purpose of Cost Accounting is the ascertainment of cost but the purpose of Management Accounting is to provide information to the management for decision making.
2
The reports of the Management Accounting are useful both to the internal and external parties whereas that of Cost Accounting are useful only for the internal parties.
3
Cost Accounting data are derived basically from financial accounts whereas Management Accounting data are derived from both Cost Accounts and Financial Accounts
4
Cost Accounting is mainly concerned with short-term planning but Management Accounting is concerned with short term as well as long term planning