What is a Cost Accountant? and what relation does it have with a Finacial Accountant?

Answer 1

Cost Accountant -- a specialist in the systematic recording and analysis of the costs incident to production. A cost accountant will record costs related to the manufacturing process such as fixed costs, variable costs, factory overhead (burden), and WIP (work-in-process). These costs will be measured and analyzed by management on a periodic basis to make decisions regarding resource allocation decisions for the company such as (1) what to produce (2) how much to produce (3) for whom to produce.
Note that the information cost accountants record will probably not be seen by anyone in the general public. Cost accounting is a mechanism for INTERNAL REPORTING.

Financial Accountants are specialists who record financial information in a company's general ledger for ultimate preparation of financial statements for users such as potential investors, banks, financial analyst, Securities & Exchange Commission, etc. Financial accounting is a mechanism for EXTERNAL REPORTING.