Create a comparing table for managerial and financial acoounting on the positions you concider the most...

Create a comparing table for managerial and financial acoounting on the positions you concider the most important. Supply your choice with explanations.

Expert Solution

Basis	Financial Accounting	Managerial Accounting
Meaning	Recording, classifying, summarising and interpret the financial record of the company	Management accounting helps the management in decision making about business
Scope	Its scope is limited	Its scope is much broader
Application	it shows the true and fair view of the financial position of the company	It helps the management on how to achieve the desired result by taking meaningful steps and strategy
Dependence	Financial accounting does not depend on management accounting	Management accounting is entirely depended on financial accounting to take the right decision
Statutory Requirement	It is legally mandatory to prepare financial accounts as per company and income tax laws	Management accounting has no statutory requirement. it entirely depends on management needs.
Format and presentation	Fixed and specific formats per accounting standards used for presenting and recording information.	No fixed or set format is available for presentation
User	mainly for the investor, stakeholder, and potential investors	Only for Mangement
Rules	Financial accounting is prepared as per GAAP and IFRS	No rules for Mangement accounting
Basis of decision making	Historical data are the base for taking the decision	Historical and prediction information used for decision making

ekkarill92 answered 1 year ago

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