DIFFERENCES BETWEEN MANAGEMENT ACCONTING AND FINACIAL
ACCOUNTIG
- 1 Answers
- 7669 Views
- EXL, Wipro, I also Faced
- E-Mail Answers
Answer Posted / ameet narayankhedkar
Financial accounting is the collection, recording,
classification and proper presentation of financial
information or date in such a way that all external agencies
such as income tax authorities, government, shareholders,
creditors of a company can understand it easily. From the
data presented by financial accounting, these external
agencies can easily understand what exactly is going on in a
company. They can know the financial strengths and
weaknesses of a firm by the financial data presented through
the process of financial accounting. Managerial accounting
is related to the accounting work done for the better
understanding of facts for the management of the company.
Management accounting is not done for any outside party, but
only for the company management to know where they should
give more attention to post better financial results.
Another difference between these two types of accounting is
that financial accounting is mandatory whereas management
accounting is optional.
| Is This Answer Correct ? | 14 Yes | 2 No |
Post New Answer View All Answers
What is the journal entry of building rent and TDs payment?
How to post salary advance transfer from one branch to another branch ?
Interest received 5,000 and still receivable Rs. 2,000 PLease give journal entry for this!
Can a company deduct TDS & provide TDS certificate for a bill without actually making payment towards the same??
in Tally what is cost cenre,cost categori and why we need to prepare them
Please would you provide me with a defenition of Cycle count tolerance ? Thank you
Tell me do you think there is any difference between inactive and dormant accounts?
what is general accounting
How do you prepare a balance sheet from a trial balance?
What is difference vat
Define retail banking?
for giving the salary in terms of cash to an employee for what minimum amount revenue stamp is reqired to paste the vouceher? up to what limited revenue stamp is required?
What is accounting ethics?
Explain me some of the examples for liability accounts?
What are time sheets?
