Distinguish between managerial and financial accounting ona. Users and decision makers. b. Purpose...

Question

Distinguish between managerial and financial accounting on
a. Users and decision makers.
b. Purpose of information.
c. Flexibility of practice.
d. Time dimension.
e. Focus of information.
f. Nature of information.

David · Accepted Answer

Comparison of managerial and financial accounting  
 
1) users and decision makers  
financial accounting produces information that is used by external parties like 
shareholders and lenders etc  
 
managerial accounting produces information that is used within the organization 
by the managers and the employees. 
 
2) purpose of information  
financial accounting reports are generally generated for a set period of time and 
are historically factual. They have predictive value to those who wish to make 
financial decision or investment in the company. it includes statement of cash 
flows, balance sheet, income statement etc .

Distinguish between managerial and financial accounting on a. Users and decision makers. b. Purpose of information. c. Flexibility of practice. d. Time dimension. e. Focus of information. f. Nature of...

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