What is the difference between financial accounting and
management accounting?
Answers were Sorted based on User's Feedback
Answer / danielrobert
Financial Accounting is mainly concerned with record keeping aspect aiming to prepare the financial statements. It just records the data on historical basis (i.e. what has happened).
It does not give much emphasis to providing information to the management for decision making.
Management Accounting, on the other hand, is concerned with providing necessary information to the management to assist them in decision making. It combines the aspects of both Financial Accounting (i.e. what has actually been spent or earned) and Cost Accounting (i.e. what is expected to be spent or earned)
I hope the answer will answer your query!
Is This Answer Correct ? | 7 Yes | 2 No |
Answer / babuprasad kunchepa
Financial accounting is providing information & performance of a firm to parties outside organization,
whereas Managerial accounting information is aimed at helping managers within the organization make decisions.
Is This Answer Correct ? | 2 Yes | 0 No |
what is Assets & Liabilities ?
4 Answers College School Exams Tests, EDS, Focus,
what is book building
What is Bank ?
what is badts and its entries?
Tell me what is project implementation?
When we purchase Some goods Like ( Machinery's) we want to generate way bill ? Kindly Clarify .... Because recently we are purchased medical Equipment for our hospital use but vendor asking Waybill...Shall i give waybill or not Please let me know..?
If you are a well experienced accounting personal and you apply for a job, what is that you will look in a firm before joining as the market is recession hit.
ledger entry for outstanding salaries
10 Answers D Link, ITC Infotech, Northern Trust,
correction of sundry creotors
Capital Expenditure
2 Answers Chartered Accountant,
what is the difference between trial balance and the balance sheet.?
How to pass journal entry for payment of 20 % of outstanding income tax demand of AY 14- 15 of an company in the AY 18-19.