Explanation:

Financial Accounting:

This is the original form of accounting and has been in use since the beginning. It includes Book-keeping and Accountancy and is mainly related to recording and preparation of financial statements. The main purpose of this branch of accounting is to record the business transactions in a systematic manner, to ascertain the profit/loss of the accounting period by preparing a Profit & Loss Account and to present the financial position of the business by preparing a Balance Sheet.

Cost Accounting:

The main purpose of cost accounting is to ascertain the total cost and per unit cost of goods produced and the services rendered by a business. It is followed by manufacturing concerns. The object is :-

1. Cost ascertainment,
2. Cost control,
3. Cost Audit.

Management Accounting:

It is concerned with analysis, interpretation of financial and cost accounting to derive meaning full conclusions for future growth.  The main purpose of management accounting is to present the accounting information in such a way as to assist the management in planning and controlling the operations of a business.