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Management Accounting Financial Accounting

The document compares management accounting and financial accounting. Management accounting provides internal information for decision making and focuses on subunits within an organization. It addresses budgets, forecasts, and cost analysis. Financial accounting provides external information on financial position and performance and must follow GAAP principles.

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arisu
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22 views1 page

Management Accounting Financial Accounting

The document compares management accounting and financial accounting. Management accounting provides internal information for decision making and focuses on subunits within an organization. It addresses budgets, forecasts, and cost analysis. Financial accounting provides external information on financial position and performance and must follow GAAP principles.

Uploaded by

arisu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Management Accounting Financial Accounting

 In this field of accounting, it provides  In financial accounting, financial reports focus


information to management for decision- on the business as a whole.
making, directing, planning and controlling.  The primary users in financial accounting is
 The primary users in managerial accounting is the external users such as investors, creditors,
the internal users such as owners, managers banks and stakeholders.
and employees.  In this field of accounting, it provides
 Managerial accounting pertains to the information about the organization’s financial
subunits of the business or segments within position and financial performance.
organization.  Financial accounting is required to the
 Managerial accounting address budgets, cost generally accepted accounting principles.
analysis forecasts, financial projections, etc. (GAAP).
 Managerial accounting determines the unit  It must be audited by CPA. The reports and
cost of manufacturing a product. It frequently financial statements are usually cover
deals with estimate and reports. quarterly and annually.

My Decision
Managerial Accounting is the course must Randel take to be able to do the tasks that will be
assigned to him. Since he is not well-versed about budget reports and financial projections as well
as in planning and performance evaluation, this field of accounting is suited for him. In this field he
will be able to learn the information that he can be use in planning and performance evaluation.
This field also focuses on managerial accounting reports on specifically what is causing problems
and how to fix them. It also addresses budgets so can have a future orientation. It is more on
concerned with operational reports, which are only distributed within a company.

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