Question

1A.

•Define Financial and Managerial Accounting

•Discuss the differences between Financial and Managerial Accounting•Discuss the possible uses of and benefits of Managerial Accounting information in a specific company, or business type you choose OR in a business you would start yourself• Also include a description of the possible beneficiaries of this type of accounting information, and the difference it could make in the business you choose

Answer 1

Answer:

Financial acounting is a specialized branch of accounting that keeps track of a company's financial transactions. using standardized guidlines, the transactions are recorded, summarized and presented in a financial report or financial statement such as income statement or a balance sheet. financial accounting is of two type cash and accrual.

Managerial accounting is the practice of identifying, measuring, analysing, interpretingand communicating financial information to managers for the pursuit of an organisation's goal.

Difference: in general financial accounting refers to aggregation of accounting information into financial statements, while managerial accounting refers to the internal processes used to account for business transactions.

Benefits; Managerial accounting helps woth goal setting by making the numbers transparent. Managers can measure and note performance while setting goals and making adjustments to motivate employees with the ultimate goal of driving revenue.