Homework Answers
Answer 1.
| Basis | Financial Accounting | Managerial Accounting |
|
1. Primary users of reports |
The primary users of 'Financial accounting' are both internal and external stakeholders including public. | The primary users of 'Managerial Accounting' are internal parties of a company. |
|
2. Types and Frequency of reports |
The types of reports include financial statements, notes to financial statements, parenthetical disclosures, supplementary information, and other means of financial reporting like management discussions and analysis. Financial Statements are issued at end of accounting period. |
The types of reports include Budget Reports, Account Receivables Ageing Reports, Cost Management Accounting Reports, Performance Reports and Other managerial accounting reports. Managerial Statements are issued more frequently for guiding the management. |
|
3. Purpose of reports |
They looks at complete business and generate a profit. They don't present anything about how the overall system of company is working. |
They are detailed and also examine ways by which profits can be increased by eliminating various issues. |
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