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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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How do managerial accounting and financial accounting differ?

To determine

State the points of difference between managerial accounting and financial accounting

Explanation

Managerial Accounting:

Managerial accounting refers to the internal accounting system that gives both financial and non-financial information for the internal users of the organization. This helps the manager in taking crucial business decisions..

Financial accounting is a particular branch of accounting that records, summarizes and interprets the financial information of the organization.

The points of differences between managerial accounting and financial accounting are given below:

BasisManagerial AccountingFinancial Accounting
Targeted usersThe managerial accounting information is used by the internal users of the organizationFinancial accounting information is used by the external users of the organization
Rules in preparation of statementsIt is not mandatory for managerial accounting information to be prepared generally accepted accounting principles (GAAP) and securities exchange commission (SEC)...

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