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Managerial and Financial Accounting Report. Managerial and Financial Accounting
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Submitted by rangde on November 17, 2006
Category: Miscellaneous
Words: 1143 | Pages: 5
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Financial Accounting is reporting of the financial position and performance of a firm through financial statements issued to external users on a periodic basis. The financial statements, which are published as a result of the budgeting process are the most widely visible product (and the ones with which the public is most concerned), these financial statements only represent a small part of the budgeting process. Generally speaking, the accounting data and most accounting reports which make up the budgeting process are generated solely or primarily for a company's managers. These management reports may consist of summaries of past events, forecasts of the future, or a combination of the two.
Financial statements and accounting information are so important that bankers and other lenders depend heavily upon it to support their decisions to grant credit. Additionally, the tracking of the practice with financial accounting ratios is important to the understanding of how the practice is performing relative to a chosen standard (Robert Traynor, 2006). Accountants have traditionally concentrated on recording what has happened financially in the past; however, in managerial accounting, accountants are increasingly involved in helping to formulate policy for business organizations, providing information for decision-makers and frameworks for making those decisions. Managerial accountants use financial accounts in the process of decision0making within a business organization. Examples of this process would include determining which business activities were least profitable and then making a decision about whether or not to continue with these business activities, or estimating future revenues in order to aid decision-making today.
The key difference between financial and managerial accounting is that financial accounting is aimed at providing information to parties outside the organization. Whereas managerial accounting information is aimed at...
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