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Managerial vs Financial Accounting

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- How is managerial accounting different from financial accounting?

- Comment on the different needs and use of financial information for internal purposes.

- The managerial accounting profession and its role in today's business environment. How has it changed over time?

- Comment on the Certified Management Accountant (CMA) designation. How is it different from the CPA certification?

- Explain the main differences between the absorption and contribution (Behavioral, variable) income statements. Will net income always be the same under the two approaches? If not, explain the difference.

- Comment specifically on why companies feel the need to create yet another income statement in a different format. What information can the company gleam from this approach which is helpful as a tool in the decision making process?

- Explain situations in which break-even analysis can be a useful tool. Explain the break-even formula and provide a specific example using numbers for a product with which you are familiar. Reasonable estimates.

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Solution Summary

A comprehensive look at the difference and similarities of managerial and financial accounting. A look at the differences and similarities of the CMA and CPA designation.