Different Users of Accounting Information
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1. Who are the different users of accounting information?
2. What are the differences between managerial and financial accounting?
3. What are the differences between the CMA and CPA certifications?
4. What is the value of the accounting function in school organization, both internally and externally?
Answer this with 100 words or more. Thanks.
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Solution Summary
By addressing the questions, this solution discuses topics in accounting. References are included.
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RESPONSE:
1. Who are the different users of accounting information?
First, the managers of the business use accounting information to know how things are going. Secondly, there are other groups of people who may use and have an interest in the finances of the business, such as the legal system, by law, has a legal right to certain information. Other users and interested parties are usually referred to as 'stakeholders' (http://www.bized.co.uk/learn/accounting/infosystems/bait/work01.htm).
2. What are the differences between managerial and financial accounting?
Management accounting is for managers, as they "need financial information in order to plan for the future; they then need more up-to-date information in order to check whether actual performance is on target. This process is known as controlling the costs and ...
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