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Financial and Managerial Accounting Differences

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Describe the difference between Financial and Managerial Accounting.

Identify the purpose of and several uses of Financial Accounting.

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Solution Summary

Your tutorial is 194 words and describes financial and managerial accounting and gives five uses for financial statements.

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Describe the difference between Financial and Managerial Accounting.

Financial accounting is the process of summarizing the transactions of the period and organizing them into standard rule-driven (GAAP) reports (income statement, balance sheet and cash flow statement).
Managerial accounting is the process of helping an organization to control, measure and ...

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  • PhD, Georgia State University
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