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Rate of change is an important concept with vase applications from calculus, trigonometry, chemistry, geology, astronomy to seismology. It finds applications in both the applied sciences and also pure sciences. It is an important indicator and is used quite frequently to gauge a variety of metrics from acceleration, gradient, population change, rate of growth and so on. Simply put, it is the rate of change of one parameter with respect to another and can be measured by using graphs that are plotted against the two parameters in question.
Accounting is a key area for businesses and cost and financial accounting are its important branches. The key differences between cost accounting and financial accounting are in their respective areas of application. While cost accounting is aimed at estimating costs and is used for management decisions, financial accounting aims at showcasing the exact fiscal position of the company to an audience outside the company. Also, the former doesn’t have regulatory formats or laws governing it while the latter has stringent laws that govern even its format.