12/11/2020The Major Differances Between Cost Accounting And Financial Accounting3/51. Cost accounting helps you determine the expenses associated with each ofyour products. Financial accounting helps better understand a company’sprofitability through its financial statements.2. Cost accounting is a tool used by management to improve businessprocess efficiency. Financial accounting presents the business’sperformance.3. Cost accounting focuses on the internal aspects of a company. Financialaccounting focuses on its external aspects. While cost accounting helpsimprove a company’s processes, financial accounting is profit-oriented.