Conceptually, accounting is the discipline that provides information on which external and internal users of the information may base decision that result in the allocation of economic resource in society.
…Slavin and Reynolds
Accounting provides business-related information to the owner, the management, the employees of the company as well as to the government, creditors, investors, and customers.
Financial accounting is based on actual past and cost accounting is based on planning and controlling. Preparation of budget is a part of planning and controlling relates to putting a check on the actual function of planning. Comparison of budgeted with actual performance provide the management an idea to eliminate weak performances.