Essay on Managerial Accounting vs Financial Accounting - 282 Words

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Managerial Accounting vs Financial Accounting

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Text Preview 1.Managerial accounting vs financial accounting

Managerial accounting information system is an information system that produces outputs using inputs and processes needed to satisfy specific managerial objectives.

How do management accounting and financial accounting differ? Management Accounting Financial Accounting 1. Internally focused 1.Externally focused 2. No mandatory rules 2.Must follow externally imposed rules 3. Financial and nonfinancial information, 3.Objective financial information subjective information possible. 4. Emphasis on the future 4.Historical orientation 5.Internal evaluation and decision based on very detailed 5. Information about the firm as a whole. Information.

6.Broad multidisciplinary 6.More self-contained

Comparison:
Financial accounting is for external users and follow restrictive rules and regulations. Managerial accounting is for internal users (managers ) who plan, control, and make decision.

2.Why do you need Managerial Accounting?

The three objectives of a management accounting information system are:

1.To provide information for costing... Show More

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