Please follow instructionsHi Uncle,here is necessary information AND READING MATERIAL on the...

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Please follow instructionsHi Uncle,here is necessary information AND READING MATERIAL on the assignment.PLEASE, I WANT IT READY BY: 7 May 2020, 2pmCore Text Book (SOM)Beckford, John. (2016).Quality: A Critical Introduction. 4th ed. Oxon: Routledge.Maxwell, R.J. (1992).Dimensions of quality revisited: from thought to action.Quality in Healthcare 1:171-177CORE TEXTBOOK( BUSINESS FINANCE)Business Accounting & Finance (PDF)by Gowthorpe, CatherineISBN9781473749382PublisherCengageEdition4thBISACBUS001000© Kortext 2020 (Version 1.0.0)

Omkar · Accepted Answer

Key differences between management accounts and financial accounts and their usefulness to the users of financial information
Quick Background - 
Management accounting is a system where relevant information is provided to the management that helps the them to make policies, plans and strategies for running the business effectively. This helps the management in planning and forecasting to control routine business operations of the organization. 
UK’s premier management accounting body CIMA defines it as “It is a sourcing, analysis, communication and use of decision relevant financial and non-financial information to generate and preserve value for organizations”. 
On the other hand, Financial accounting is a system where all transactions are recorded, and aim is to focus on preparation of financial statements to provide financial information to all the stakeholders i.e. users of financial statements. It generally includes Statement of Financial Position (also known as Balance Sheet), Statement of Profit or Loss and Other Comprehensive Income (also known as Profit or Loss statement) and Cash Flow Statement which is prepared in accordance with the regulations and guidelines of statute.
Key differences are as below – 
1. Financial accounting is compulsory by the applicable laws of the country whereas Management accounting is not. Small businesses may not find it comfortable to spend time on management accounting as there might not be that much scale of business.
2. Financial accounting contains monetary information whereas Management accounting may also contain information on Non-Monetary items like number of employees, quantity of inventories, etc.
3. The main objective of Financial accounting is to provide financial information to stakeholders outside organization. However, Management accounting stresses on providing information to management persons so that they get an idea on how to take decisions on running the business effectively.
4. There is specified formats to prepare financial statements based on Financial accounting.

Please follow instructionsHi Uncle, here is necessary information AND READING MATERIAL on the assignment. PLEASE, I WANT IT READY BY: 7 May 2020, 2pm Core Text Book (SOM) Beckford, John. (2016)....

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