Financial Mgmt Financial Accounting
Financial management is the process of planning, organizing, controlling, and monitoring financial resources in order to achieve an organization's goals and objectives. It involves making decisions about how to allocate financial resources in order to maximize the value of the organization. Some of the key activities involved in financial management include financial planning, budgeting, forecasting, and decision-making.
Financial accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. It involves preparing financial statements, such as the balance sheet, income statement, and statement of cash flows, which provide a snapshot of a company's financial position at a specific point in time. Financial accounting is focused on the past, while financial management is focused on the future.
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Financial management: rising funds at minimum cost and investing these funds for higher return.
Management accounting starts where financial accounting ends
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting
1- Cost Accounting 2 - Financial Accounting 3 - Management 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.
Q.5 Differentiate Financial Accounting and Management accounting
Financial Accounting just deals with the recording, analysing and classification of financial statements. Whereby other disciplines related to Financial accounting deal with the information "recieved" from Financial Accounting. For example : Management Accounting deals with making decisions for the company's growth and stability, on the contrary Financial accounting provides the data to management accounting for its decision making process.
Financial accounting is used to present the performance and financial statements to third parties while management accounting is used for company's internal working purpose.
Funds management, financial accounting, controlling
Funds management, financial accounting, controlling
accounting system provide both financial and non financial information.explain.
Management accounting gathered data or information from cost accounting and financial accounting. After that, it analyzes and interprets the data to prepare reports and provide necessary information to the management.
Following are different branches of accounting:1- Cost Accounting2- Financial Accounting3- Management Accountingbranches of accounting are two:1-financial accounting2-management accounting(cost a/c & managerial a/c)