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Managerial and Financial Accounting Paper

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1. Managerial and Financial Accounting Paper
differentiate between managerial and financial accounting. Be sure to address the following questions:
a. What type of information does managerial accounting provide?
b. What type of information does financial accounting provide?
c. Who are the users of managerial and financial accounting, and what kind of business decisions would they make with this information?

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The response addresses the queries posted in 809 words with references.

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The response addresses the queries posted in 809 words with references.

//Prior to describe the difference between the Managerial Accounting and Financial Accounting, it is better to understand the concept of accounting and the introduction of these two types of accounting. It will make you to understand the difference between these two concepts of commerce very easily. In this series, in the first section of the discussion, I am including the introduction of accounting and its types under the heading introduction://

Introduction

Accounting refers to the procedure of registering; assorting and summarizing the effects of money related business transactions and events so that related parties may know the results. Accounting is related to all kinds of financial transactions in each kind of business organization. There are different forms of accounting. The two most common forms of accounting are Managerial Accounting and Financial Accounting (Lucy, 2003). Managerial Accounting signifies all the accounting techniques which are useful for the Management of different Organizations in discharging their functions including planning, organizing, directing, coordinating, communicating and controlling. On the other hand, Financial Accounting is the general accounting, which relates to the recording of business transactions in the books of primary entry.

The scope of Managerial Accounting is most broad because Financial Accounting, Cost Accounting, Statistics and other Techniques are used in it. On the other hand, the scope of the Financial Accounting is not very vast because it does not include the techniques like costing, statistics, management accounting, etc. In Financial Accounting, the main emphasis is given on precision and it ...

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Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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