BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Management accounting helps in providing both Qualitative and Quantitative information to the top-level managers to help them in the decision-making of the firm, whereas financial accounting provides a true and fair view of the firm’s financial statements to external stakeholders.

Detailed explanation-2: -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.

Detailed explanation-3: -Managerial accounting focuses on an organization’s internal financial processes, while financial accounting focuses on an organization’s external financial processes. Managerial accountants focus on short-term growth strategies relating to economic maintenance.

Detailed explanation-4: -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-5: -Both draw upon data from an organization’s accounting system. This is the correct option.