ECONOMICS

Detailed explanation-1: -Cost accounting compiles the cost of raw materials, work-in-process, and finished goods inventory, while financial accounting incorporates this information into its financial reports (primarily into the balance sheet).

Detailed explanation-2: -Cost accounting creates information in order to maintain track of activities in order to maximise revenue and effectiveness of the firm. Financial accounting determines the financial outcomes for the budgeting period as well as the status of holdings or even liabilities at the final day of that period.

Detailed explanation-3: -Controlling costs: Cost accounting helps the management foresee the cost price and selling price of a product or a service, which helps them formulate business policies. With cost value as a reference, the management can come up with techniques to control costs with an aim to achieve maximum profitability.