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Submitted by gana2go on June 12, 2006
Category: Technology
Words: 1107 | Pages: 5
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First of all, I am going to describe the definitions of Costing, Management Accounting and Financial Accounting. And later on, I am going to find out what are the differences and similarities of them.
Definition of Management Accounting:
The process of identifying, measuring accumulating, analyzing, preparing, interpreting and communicating information that helps managers fulfill organizational objectives.
Definition of Financial Accounting:
Financial Accounting may be defined as the process of designing and operating and information system for collecting, measuring and recording an enterprise¡¯s transactions, and summarizing and communicating the results of these transactions to users to facilitate making financial/economic decisions. (Reference 1)
Differences among of these 3:
Internal Accounting Information
External Needs Internal Needs
(Figure 1)
From figure 1, we can see Management Accounting and Cost Accounting are almost similar, because what they do are all for internal use. (Reference 2) Below I am going to show the Differences between Management Accounting (MA)/Cost Accounting (CA) with Financial Accounting (FA).
Primary Users: MA and CA, the primary users are the organization managers at various levels, the information is private and confidential, also mostly internal users only. FA, the primary users are outside parties such as investors and government agencies but also organization managers (for financial analysis and comparison). (Reference 3)
Freedom of Choice: For MA and CA, there is no constraints other than costs in relation to benefit of improved management decisions. But for FA, it was constrained by Generally Accepted Accounting Principles (GAAP). (Reference 4)
Time Focus: MA and CA are concerned with future orientation, formally use of budgets as well as historical records. eg: using budget...
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