Required: The Week 1 Forum consists of three separate questions. You will answer one of the...

Question

Required:     The Week 1 Forum consists of three separate questions. You will answer one of the three questions. The chosen question needs to be answered with an initial post ofat least 250 words.   (1st question) Discuss the differences between financial and managerial accounting. What types of financial statements are used by business organizations?    (2nd question) Compare and contrast the development and use of GAAP and IFRS. Do you think the implementation ofinternational accounting standardsis feasible? Please explain.    (3rd question) Look at the origins and purposes of accounting and discuss how our society’s development has been affected by its use. Could our society function as it currently does without accounting? Please explain.    Instructions:Your initial response should be no less than 250 words.

Khushboo · Accepted Answer

Difference between financial and managerial accounting:
Financial and managerial accountings are among the largest branches of the accounting.  In spite of many similarities in their approach and uses there are significant differences among the two. The main objective of the managerial accounting is to generate useful information for the internal use of the entity and in this managers gather information that is required for the strategic planning. On the other hand financial accounting has some internal use as well but it is more related with informing those outside the entity.

Required:

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment