400 or more words discuss the difference between managerial accounting and financial accounting. Do some research...

400 or more words discuss the difference between managerial accounting and financial accounting. Do some research and find examples of ways that management accounting and financial accounting help companies, economy, and others. If you are using other sources than your text book, provide references.

Solutions

Expert Solution

ANSWER:

Contrast between managerical accounting and fnancial accounting:-

Primary target:- The fundamental goal of managerical accounting is to deliver valuable data for inner use.Business chiefs gather data that supports vital planning;set sensible goals;and effective coordinating of organization assets.

Financial accounting is more worry with the outside of the company.The money related records delivered through budgetary accounting are intended to reveal business execution and business wellbeing.

Over a wide span of time utilize The data made through financial accounting is totally chronicled; no future determining is permitted in budgetary accounting.

Managerical accounting takes a gander at past execution and make business forecasts;business future choices are taken through managerical accounting

Consistency and consistency Reprts produced through managerical accounting are just coursed internally.Each organization is allowed to make its own particular framework and guidelines on managerical specialists.

financial accounting reports are exceptionally regulated,this data is discharged for open utilization so organization must be watchful before revealing it.

Announcing points of interest Financial accounting reports have a tendency to be totaled, compact and generalized;information is clearer and less uncovering.

Managerical accounting reports are exceedingly detailed,technical,specific and exploratory.

Financial accounting and managerical accounting benifit to company,economy and others-

Financialaccounting reports give the exactness the budgetary experts need to gauge the strength of company.Mangerical accounting reports give assessments to what may occure later on for a company.Companies require these projections .Investors and duty experts require these numbers so they can legitimately get to company,s execution.

ekkarill92 answered 8 months ago

Next > < Previous

Related Solutions

1A. •Define Financial and Managerial Accounting •Discuss the differences between Financial and Managerial Accounting•Discuss the possible...

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

What are some of the differences between financial and managerial accounting?

1. What is the difference between Managerial Accounting and Financial Accounting and to what parties can...

1. What is the difference between Managerial Accounting and Financial Accounting and to what parties can each be provided to for their use? 2. Under what circumstances can Job Costing be used effectively to determine the resources used to produce the item sold and the profitability associated with it. 3. Can Job costing be used in the service industry as it is in the manufacturing industry? Provide examples of both if they can be. \ 4. Why does management track...

How do financial and managerial accounting differ? What do financial and managerial accounting have in common?

Please define accounting and explain the differences between financial accounting and managerial accounting. 500 words (Minimum)

Explain the major differences between Financial and Managerial accounting? Is one type of accounting more important...

Explain the major differences between Financial and Managerial accounting? Is one type of accounting more important than the other? Explain. For each of the following costs in a rollerblades manufacturing plant, state whether it would be considered: (1) a period cost or a product cost; and (2) if it’s a product cost, then state whether it would be classified as: direct materials, direct labor or manufacturing overhead Example: Salaries of janitors in the factory Answer: Product cost; mfg overhead a. Wheels...

write comparison between managerial accounting and financial accounting

Explain the difference between financial and managerial accounting. In your answer, describe the different audiences for...

Explain the difference between financial and managerial accounting. In your answer, describe the different audiences for the two types of accounting and the various individuals involved in the process.

In 400 words or more, A research based discussion that presents the relationship between ethical governance,...

In 400 words or more, A research based discussion that presents the relationship between ethical governance, transparency, and organizational stability.

In looking at the differences between financial and managerial accounting, discuss the information an banker would...

In looking at the differences between financial and managerial accounting, discuss the information an banker would need to evaluate a mid-sized business for a loan. Assume the business has been in existence for 5 years and has a fair record of paying on existing loans. The loan is to help expand the business into a new market. In looking at financial accounting financial statements and managerial accounting financial statements, which will provide the best information to the loan officer and...

Subjects