Explore BrainMass
Share

Explore BrainMass

    Discuss the role of the financial accounting and managerial accounting functions in organizations and some of their job responsibilities.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Discuss the role of the financial accounting and managerial accounting functions in organizations and some of their job responsibilities. What are some of the differences between the two and the type of reports they may each use?

    © BrainMass Inc. brainmass.com October 9, 2019, 5:24 pm ad1c9bdddf
    https://brainmass.com/business/accounting/56239

    Solution Preview

    Discuss the role of the financial accounting and managerial accounting functions in organizations and some of their job responsibilities. What are some of the differences between the two and the type of reports they may each use?

    The key difference between financial and managerial accounting is that financial accounting is aimed at providing information to parties outside the organization. Whereas managerial accounting information is aimed at helping managers within the organization make decisions.

    You should thing in terms of :Financial accounting is defined as "measuring and recording business transactions and providing financial statements that are based on generally accepted accounting principles. It focuses on external reporting." The object of financial accounting is to assist accountants in their stewardship function: the safeguarding of the organization's assets. The central outputs of financial accounting are audited financial statements such as balance sheets and income statements. Financial accounting is oriented toward providing information to individuals outside the firm, ...

    Solution Summary

    You will find the answer to this puzzling question inside...

    $2.19