BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Controlling Financial Report
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Classifying and Recording Transactions
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Information For Management Decision Making
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Preparing and Publishing Financial Statements
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Detailed explanation-1: -Management accounting focuses on the stewardship or implementation aspects of management actions while financial accounting focuses on the investment uses of information. Management accounting is thus simultaneously a profession that supports financial reporting while attempting to develop beyond this narrow scope.
Detailed explanation-2: -The difference between financial and managerial accounting is that financial accounting is the collection of accounting data to create financial statements, while managerial accounting is the internal processing used to account for business transactions.
Detailed explanation-3: -Similarities Between Financial And Management Accounting They co-exist to provide accounting information to the users. Both accounting types will be responsible for generating financial reports. One can measure & determine the costs for various accounting periods, departments, and sections in both accounting types.