Cost accounting usually results in reports at a much higher level of detail within the company.
Record internal and external transactions for present and future, such as for individual products, product lines, geographical areas, customers, or subsidiaries. Financial accounting’s primary focus is on reporting the results and financial position of an entire business entity.
Record external transactions only, with a focus on historical data. One way of doing this would be to translate an annual accounting cycle from a source document into financial statements.