MANAGERIAL ACCOUNTING FOR MANAGERS
6th Edition
ISBN: 9781265365615
Author: Noreen
Publisher: MCG
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Question
Chapter P, Problem P.1Q
To determine
Concept introduction:
Accounting has its two branches;
To indicate: the difference between the managerial accounting and financial accounting
Expert Solution & Answer
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Explanation of Solution
The difference between managerial accounting and financial accounting is explained as follows:
- Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
- Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.
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Chapter P Solutions
MANAGERIAL ACCOUNTING FOR MANAGERS
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