BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Managerial accounting is concerned with providing information to managers i.e. people inside an organization who direct and control its operations. In contrast, financial accounting is concerned with providing information to stockholders, creditors, and others who are outside an organization.

Detailed explanation-2: -Financial accounting information appears in financial statements that are intended primarily for external use (although management also uses them for certain internal decisions). Stockholders and creditors are two of the outside parties who need financial accounting information.

Detailed explanation-3: -Managerial accounting focuses on internal users-executives, product managers, sales managers, and any other personnel within the organization who use accounting information to make important decisions. Managerial accounting information need not conform with U.S. GAAP.

Detailed explanation-4: -Financial statements prepared using financial accounting are used by many parties outside of a company such as lenders, government agencies, auditors, insurance agencies, or investors.

Detailed explanation-5: -Financial accounting provides historical financial information for external users in accordance with U.S. GAAP. Managerial accounting provides detailed financial and nonfinancial information for internal users who use the information for decision making, planning, and control purposes.