Question

? 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.

Answer 1

		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