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Submitted by koko33 on March 20, 2007
Category: Technology
Words: 730 | Pages: 3
Views: 221
Popularity Rank: 43,607
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RUNNING TITLE: FINANCE AND MANAGERIAL ACCOUNTING
Finance and Managerial Accounting
MIAB03M1B7; MM520
Finance and Accounting Report
This paper will present a high-level overview of the differences between managerial accounting and financial accounting and how each of these methods can be used for decision making. A brief definition of each of the methods will be followed by an explanation of the differences. The final section will discuss how each method can be used in making business decisions. The conclusion will sum up the findings submitted within the context of this paper.
Managerial Accounting Vs Financial Accounting
Financial accounting can be defined as “The activities related to the collection, presentation, and reporting of the financial activities of an entity for the purpose of preparation and presentation of its financial statements. Under Generally Accepted Accounting Principles, these statements consist of the balance sheet, income statement, statement of cash flows” (Wiley, 1995). Managerial accounting concentrates more on activities related to planning future actions. Managerial accounting is defined as “any accounting activities geared to the preparation of information for managers to help them plan and control a company's operations” (Collins Dictionary of Business, 1995). Management accounts are much more detailed than financial accounts and break information down into various subparts such as revenues, costs between different products, factories, or departments (Collins Dictionary of Business, 1995).
Managerial accounting differs from financial accounting in that managerial accounting seeks to analyze information to track financial goals while financial accounting seeks to analyze information in order to report to the public or other parties interested in the financial status of a company. Rules and regulations apply to...
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