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Financial and managerial accounting

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What are the key differences between financial and managerial accounting? How do these differences impact the type of information that must be gathered and reported? What are the different types of decisions that users of financial accounting information must make? What are the different types decisions that users of managerial accounting information must make?

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The solution details the differences between financial and managerial accounting

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The key differences between financial and managerial accounting are - 1. Financial accounting information is meant for external users (entities outside the firm) while Managerial accounting information is for internal users (managers within the firm). 2. Since Financial accounting is meant for external users, so the information should be presented in standardized formats of income statement, balance sheet etc which follow the generally accepted accounting principles while Managerial accounting being meant for internal ...

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