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    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?

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    See attached document for more information regarding financial and managerial accounting.

    Managerial vs. Financial Accounting

    Managerial accounting is often contrasted with financial accounting.
    The main differences to remember are:

    The user groups are different: investors and creditors are the primary users of financial accounting information; management is the primary user of managerial accounting information.
    Financial accounting uses detailed accounting standards; there are no such standards for management accounting.
    Most business schools require a course in both financial and managerial accounting. Surveys of students' perceptions concerning the relative difficulty of the two areas show mixed results. Those perceiving financial accounting to be more challenging frequently cite the large number of rules that must be mastered. Those perceiving managerial accounting to be more challenging cite the greater need for analytical and problem solving ...

    Solution Summary

    This job defines both financial accounting and managerial accounting.