ECONOMICS

Detailed explanation-1: -Cost accounting was originated To meet the deficiencies of management accounting. During the industrial revolution, systems for recording and tracking costs were developed in order to assist business owners and managers in making decisions. This is when modern cost accounting first emerged.

Detailed explanation-2: -Origins of Cost Accounting Modern cost accounting originated during the industrial revolution when the complexities of running large scale businesses led to the development of systems for recording and tracking costs to help business owners and managers make decisions.

Detailed explanation-3: -Financial accounting is the oldest branch of accounting but it also has some limitations. Cost accounting was developed to find the solutions of some of the limitations of financial accounting.

Detailed explanation-4: -Cost accounting focuses purely on a business’s costs, while financial accounting combines this information with other items, like revenue, liabilities, and shareholder equity, to provide a comprehensive look at a company’s finances. Both cost and financial accounting are used to track elements of a business’s finances.