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? 1.Contrast financial and managerial accounting on the basis of user orientation, purpose of information, level...

? 1.Contrast financial and managerial accounting on the basis of user orientation, purpose of information, level of aggregation, length of time period, orientation toward past or future, conformance to external standards, and emphasis on objective data.

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Expert Solution

Financial Accounting

Managerial accounting

User Orientation

it is targeting to general users like shareholders, investors, and government

It targets to managers and to policy makers and management

Purpose of information

Purpose of accounting is to provide raw information for decision making

it provides data on decision making

level of aggregation

it is aggregated at initial level of operations

it is aggregated at the top management level

length of time period

it is targeting generally to an accounting period

It works over a number of periods

Orientation toward past or future

its orientation is external

its orientation towards internal

conformance of external standards

Accountants has to follow various rules relating to accoutning like IFRS, GAAP etc.

while it is not required into managerial accounting

Emphasis on objective data

data provided by financial accounting is the basis of managerial accounting

data and reports generated by managerial accounting are used for decision making

ekkarill92 answered 1 year ago
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