Respuesta :
The major differences and similarities between financial and managerial accounting are discussed below.
Financial accounting & managerial accounting are two of the four most important branches of accounting (e.g. tax accounting and auditing are others).
Despite many common features in approach and usage, financial and managerial accounting have significant differences.
- Managerial accounting is the technique of identifying, measuring, analyzing, interpreting, and communicating financial information to managers in order to help them achieve the goals of their organization.
- Financial accounting entails recording, summarizing, and reporting to the public or regulators the stream of operations and economic activity related to a business over time.
The primary distinction between managerial and financial accounting is the desired users of the information.
- Managerial accounting information is intended to assist managers within the organization in making sound business decisions,
- whereas financial accounting information is intended to provide financial information to parties outside the company.
Hence, there are similarities as well as differences between financial and managerial accounting.
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