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Walmart Supply Chain

Submitted by pas2cc on February 16, 2008

Category: Miscellaneous
Words: 1467 | Pages: 6
Views: 548
Popularity Rank: 13,741
Average Member Grade: N/A (Add a Comment / Grade this Paper)

Running head: MANAGERIAL AND FINANCIAL ACCOUNTING REPORT








Managerial and Financial Accounting Report

University of Phoenix






Managerial and Financial Accounting Report
Introduction
Accounting also known as the language of business is the communication of accounting data in formal reports to those who are interested in how a company is doing. All organized businesses maintain accounting records so that it will be readily available to interested parties.
Interested parties include investors, managers, creditors and government agencies. The accounting information is reported through various reports and is obtained from the day-day transactions of the business which is recorded. This paper will discuss the key differences between financial accounting and managerial accounting and discuss the various financial statements that are used to communicate the accounting data of the company. This paper will further discuss the types of business decisions that could be made when using the two different types of accounting. Ethics has always played a significant role in business practices and even more so now due to scandals of Enron, WorldCom and others. This paper will discuss the Institute of Management Accountants (IMA) Standards of Ethical Conduct for Management Accountants and will describe an example form the workplace that may constitute a violation of each category of IMA Standards.
Key differences
Financial and managerial accounting has key differences. The key differences can be seen in the fact that financial accounting is specific to an area while managerial accounting encompasses a larger area. Managerial accounting is concerned with the use of economic and financial information. Managerial accounting helps managers within the organization to identify, measure, accumulate, prepare,...

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