Managerial Accounting: Managerial accounting represents management related activities concerned with decision making of the company. Financial Accounting: Financial accounting represents making of financial statements which are to be shared with the users of accounting. Financial statements mainly include Income Statement, Balance Sheet and Cash Flow Statement. To identify: Given descriptions relate to managerial (M) or financial (F) accounting.

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Chapter 1, Problem 1QS

To determine

Managerial Accounting:

Managerial accounting represents management related activities concerned with decision making of the company.

Financial Accounting:

Financial accounting represents making of financial statements which are to be shared with the users of accounting.

Financial statements mainly include Income Statement, Balance Sheet and Cash Flow Statement.

To identify: Given descriptions relate to managerial (M) or financial (F) accounting.

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