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What are the distinguishing features of managerial accounting?
How would you describe the difference between financial and managerial accounting? First, the primary users of reports in financial accounting is external users: stockholders, creditors, and regulators. The primary users of managerial accounting is internal users: officers and managers. Second, the types and frequency of reports for financial accounting uses financial statements and they are quarterly and annually. Managerial accounting uses internal reports and as frequently as needed. Third, the purpose of reports for financial accounting is general-purpose and managerial accounting is special-purpose for specific decisions. Fourth, content of reports for financial accounting is limited to double-entry accounting and cost data, highly aggregated (condensed), pertains to business as a whole, and generally accepted accounting principles. Managerial accounting is extended beyond double-entry accounting to any relevant data, very detailed, pertains to subunits of the business, and standard is relevance to decisions. Last, financial accounting verification process is audit by CPA and managerial accounting verification process is no independent audits.
Describe the components and interrelationships of different categories of accounting?
The main categories of accounting include financial accounting, management accounting, and cost accounting. Financial accounting focuses on recording and reporting financial information for external users. Management accounting provides financial information to internal decision-makers and helps in budgeting, planning, and decision-making processes. Cost accounting analyzes the cost of manufacturing a product or providing a service. These categories are interrelated as the information produced in financial accounting is used by management accounting for decision-making, and cost accounting employs the techniques and information provided by both financial and management accounting.
How would you describe an accounting statement?
Accounting statements provide financial details concerning the operation of a business or other form of organization.
What are importance of footnotes?
The footnotes to the financial statements should describe the earnings impact of any changes in accounting policy, or changes in estimates (Financial Accounting Standards Board Statement No. 154)
What is Financial accounting data?
what is financial accounting?
Is Management accounting starts where financial accounting ends?
Management accounting starts where financial accounting ends
The output of financial accounting is?
The output of the financial accounting is preparation of financial statements.
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting?
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting
Compare and contrast between cost accounting and financial accounting?
compare and contrast cost accounting and financial accounting
Differentiate cost accounting system from financial accounting system?
Q.5 Differentiate Financial Accounting and Management accounting
What has the author Fred Phillips written?
Fred Phillips has written: 'Fundamentals of financial accounting' -- subject(s): Accounting 'Fundamentals of financial accounting' -- subject(s): Accounting 'Fundamentals of financial accounting' -- subject(s): Accounting
How does cost accounting relates to management accounting and financial accounting?
cost accounting provides the basic information for both management and financial accounting.The similarities between government accounting and financial accounting is that both involves the balance of accounts.
