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Differences and similarities between managerial accounting and Financial Accounting?
Wiki User
∙ 15y ago
* Cost accounting relies on financial accounting information (unbiased, support material) * both are concerned with responsibility or stewardship to the organization: financial accounting has responsibility to the whole company while cost accounting is concerned with responsibility for parts (costs and revenues) * Both require accounting information that must be relevant, timely, and accurate.
Wiki User
∙ 15y ago
Wiki User
∙ 15y agoDifferent : - Accounting: Accountant's (sometimes called: Controller) primary function is to develop and provide data measuring the performance of the firm, assessing its financial position, and paying taxes. - Finance: The financial manager or consultant places primary emphasis on decision making. It uses the financial statements prepared by Accountants to make decisions about the firm's financial condition and to advise others about possible losses and profits
Wiki User
∙ 14y agoCost accounting, managment accounting, and financial accounting all use basic financial accounting concepts to arrive at their indended goal. All 3 use techniques such as depreciation, present values, future values, accruals, deferals, and inventory valuations (such as LIFO and FIFO). Although the reports that they create are each different, the basic statements remain similar in construction and terminology. Managment accounting is specifically for the use of top level managers who are interested in appeasing shareholders. Therefore, managerial accounting is constantly searching for higher net incomes and benefits for the shareholders.
Wiki User
∙ 11y agoBoth financial and managerial accounting methods present the general health of a business. Financial accounting reports are more formal and have a strict format for presentation to external stakeholders. Managerial accounting reports are more informal since they are used in-house. But even with these differences, both methods allow the reader to make a conclusion on the health of the business, allowing them to make financial decisions that must be made.
Wiki User
∙ 13y agoManagerial accounting is basically used within a company or inside an organization. For managerial accounts, reports can be generated on weekly, daily and per day basis. But Financial Records are the yearly records created outside of the organization.
Wiki User
∙ 11y agoaccounting is the process of analyzing, budgeting
Wiki User
∙ 15y agowhat are the similarities between financial management and financial accounting?
Anonymous
Similarities between cost accounting and financial accounting
Anonymous
Similarities between cost and financial
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A basic difference between managerial accounting and financial accounting is that managerial accounting?
One basic difference between managerial accounting and financial accounting is that managerial accounting is used internally instead of externally for investors. Managers use managerial accounting to determine what level of output is appropriate for their departments.
Scope of managerial accounting?
The scope of managerial accounting focuses on the financial aspects of the organization. This will include proper record keeping, balancing records and so much more.
Why does financial accounting have to comply with GAAP but managerial doesnt?
No Accounting standards have been developed for managerial accounting and it is so that because managerial accounting deals and use for internal purpose of management and do not concern with outside stake holders that's why it is on organizations decision that how they use managerial information. IFRS or IAS or GAAP are developed for financial accounting because financial information is required to be disclosed to general public and that's why it is for the benefit for the general user who don't know much about general working of entity so to make it helpfull these accounting standards are developed so that these general public can get information they required from financial statements of the entity easily.
What is difference between financial ac and cost ac?
I believe the intended question was "What is the difference between financial accounting and cost accounting?" The question makes no sense in the categories of electrical and electronics engineering. And so I have added the category of Business to the topic.The difference between the two types of accounting:Financial Accounting's goal is for preparing financial statements for use by parties outside of a company's management. The statements that are prepared for stockholders and investors, regulators, analysts and other outside parties present the external view of a company according to established and accepted standards. One of these is known as GAAP, Generally Accepted Accounting Procedures.Cost Accounting is subcategory of Managerial Accounting which deals with the internal management of the company. Each company's managers may have different needs and so each company may have somewhat different practices for Management Accounting. Cost Accounting deals with the planning and tracking of the costs of operating the company. The needs will vary between kinds of companies. A manufacturer must deal with costs of raw materials and parts, whereas a bank does not need to deal with costs at such a granular level.
What is the similarities between job costing and contract costing?
1. Undertaking to customer's special requirements. 2. Relatively long duration 3. Site based, sometimes overseas 4. Frequently of a constructional nature
A basic difference between managerial accounting and financial accounting is that managerial accounting?
One basic difference between managerial accounting and financial accounting is that managerial accounting is used internally instead of externally for investors. Managers use managerial accounting to determine what level of output is appropriate for their departments.
Role of managerial accounting?
Managerial accounting play a vital role in managers life,Life is veyi easy due to managerial accounting
Managerial accounting is what type of accounting?
Managerial accounting is a type of accounting which is concerned with providing information to managers that is, people inside an organization who direct and control its operation.
What has the author John J Wild written?
John J. Wild has written: 'Working Papers for use with Financial Accounting' 'Financial and managerial accounting' -- subject(s): Accounting, Managerial accounting 'Managerial accounting' -- subject(s): Managerial accounting 'REVISED FAP Vol 1 18e MP Softcover w/Working Papers' 'College accounting' -- subject(s): Accounting 'Carol Yacht's General Ledger and Peachtree Complete 2007 to accompany Financial Accounting 4e' 'International business: An integrated approach' 'McGraw-Hill's Homework Manager User's Guide and Access Code to accompany Financial Accounting' 'Excel Working Papers to accompany Financial Accounting' 'Financial and Managerial Accounting' -- subject(s): Accounting, Managerial accounting 'McGraw-Hill's Homework Manager Access Card to accompany Managerial Accounting' 'Financial accounting fundamentals' -- subject(s): Accounting 'Study Guide to accompany Financial Accounting'
What is the effect of current technology in managerial accounting?
Reduction of reporting costs of managerial accounting information
Differentiate public accounting from managerial accounting?
In public accounting you take a different board exam (CPA board exam in Philippines). In Managerial accounting (which is i am into) you don't get to study auditing, which CPA's does.
Managerial accounting places considerable weight on?
Managerial accounting places emphasis on how the numbers actually affect the organization. In managerial accounting, managers want to know what is important to decision making.
Role of cost accounting in managerial decision making?
Role of cost accounting in managerial decision making?"
What has the author William L Ferrara written?
William L. Ferrara has written: 'Management Accounting Computer Casework' 'Managerial cost accounting' -- subject(s): Cost accounting, Managerial accounting
What has the author Dale Morse written?
Dale Morse has written: 'Managerial accounting' -- subject(s): Managerial accounting
What has the author Stacey Whitecotton written?
Stacey Whitecotton has written: 'Managerial accounting' -- subject(s): Managerial accounting
What is Managerial accounting?
Managerial accounting is different to financial accounting because it is the one called cost accounting. It is the process in which it is needed to identify, measure, analyze, interpret and communicate with information to pursue the goals of an organization.
