Managerial And Financial Accounting Report
Managerial and Financial Accounting Repor
Managerial Accounting and Finance Foundations
FIN 540
February 27, 2006
Financial Accounting vs. Managerial Accounting
The key difference between financial and managerial accounting is that financial accounting is aimed at providing information to parties outside the organization. In contrast, managerial accounting information is aimed at helping managers within the organization make decisions. According to Kieso and Weygant, financial accounting is the process that culminates in the preparation of financial reports relative to an enterprise as a whole for use by parties both internal and external to the enterprise. In contrast, managerial accounting is the process of identification of financial information used by management to plan, evaluate, and control within an organization and to assure appropriate use of, and accountability for, its resources (p. 3). Below summarizes the difference between managerial and financial......
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