How would you describe the difference between financial and managerial accounting? What are the distinguishing features of managerial accounting?
How would you describe the difference between financial and managerial accounting? What are the distinguishing features of managerial accounting?© SolutionLibrary Inc. solutionlibary.com 9836dcf9d7 https://solutionlibrary.com/business/business-management/how-would-you-describe-the-difference-between-financial-and-managerial-accounting-what-are-the-distinguishing-features-of-managerial-accounting-7dn4
Management accounting: cost accounting -- a branch of accounting dealing with the classification, recording, allocation, summarization and reporting of current and prospective costs and analyzing their behaviors. Cost accounting is frequently used to facilitate internal decision making and provides tools with which management can appraise performance and control costs of doing business.
Financial accounting, on the other hand, is a more overall view of a company. "The purpose of accounting is to provide the information that is needed for sound economic decision making. The main purpose of financial accounting is to prepare financial reports that provide information about a firm's performance to external parties such as investors, creditors, and tax authorities. Managerial ...