Homework Answers
Answer:-
The first difference is that management accounting is presented to a company's internal community, while financial accounting is prepared for an external audience.
The following are the major differences between financial accounting andmanagement accounting:
1.Financial Accounting is the branch of accounting which keeps track of allthe financial information of the entity. Management Accounting is that branch of accounting which records and reports both the financial andnonfinancial information of an entity.
2.Users of financial accounting are both the internal management of thecompany and the external parties while the users of the managementaccounting are only the internal management.
3.Financial accounting is to be publicly reported whereas the ManagementAccounting is for the use of the organization and hence it is very confidential.
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1. Differentiate between Management accounting and Financial accounting
1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan-...
1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting. 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of "general-purpose finan- cial statements"? 8. In what way is the...
Answer these question in less then 3-4 lines. Questions 1. Differentiate between Management accounting and Financial...
Answer these question in less then 3-4 lines. Questions 1. Differentiate between Management accounting and Financial accounting . 2. What are the three management functions that management accounting information can be used to make them become more effective? Explain each very briefly. 3. Explain what is the process of control? 4. Why is feedback necessary in management process? 5. What does Total Quality management emphasize [or put stress on]? 6. What are the two factors that can prevent a manager...
Answer these question in less then 3-4 lines. Questions 1. Differentiate between Management accounting and Financial...
Answer these question in less then 3-4 lines. Questions 1. Differentiate between Management accounting and Financial accounting 2. What are the three management functions that management accounting information can be used to make them become more effective? Explain each very briefly. 3. Explain what is the process of control? 4. Why is feedback necessary in management process? 5. What does Total Quality management emphasize (or put stress on)? 6. What are the two factors that can prevent a manager to...
QUESTIONS 1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and...
QUESTIONS 1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of general-purpose finan- cial statements"? 8. In what way is...
Discuss the difference between management accounting and Financial Accounting and explain how Management Accounting information can...
Discuss the difference between management accounting and Financial Accounting and explain how Management Accounting information can assist management.
1) Differentiate between the planning, organizing, leading, and controlling functions of management. 2)Differentiate between the functions...
1) Differentiate between the planning, organizing, leading, and controlling functions of management. 2)Differentiate between the functions of top managers, middle managers, first-line managers, and team leaders
Differentiate between “financial statements” and “financial reporting.”
Differentiate between “financial statements” and “financial reporting.”
Why is the study of financial management important? What is the difference between financial management and...
Why is the study of financial management important? What is the difference between financial management and accounting? Please answer the questions in a complete paragraph. Make sure you respond to another student's post by day 7 Why is the study of financial management important? What is the difference between financial management and accounting? Please answer the questions in a complete paragraph. Make sure you respond to another student's post by day 7
Briefly discuss the differences between Financial and Management Accounting, and then critically discuss why do you...
Briefly discuss the differences between Financial and Management Accounting, and then critically discuss why do you think Financial Accounting statements are prepared following Generally Accepted Accounting Principles, while Management Accounting reports do now follow any such rules. 20 marks
define financial management. What are some other examples of the differences between financial management and financial...
define financial management. What are some other examples of the differences between financial management and financial accounting? Give examples.
1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting. 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of "general-purpose finan- cial statements"? 8. In what way is the...
Answer these question in less then 3-4 lines. Questions 1. Differentiate between Management accounting and Financial accounting 2. What are the three management functions that management accounting information can be used to make them become more effective? Explain each very briefly. 3. Explain what is the process of control? 4. Why is feedback necessary in management process? 5. What does Total Quality management emphasize (or put stress on)? 6. What are the two factors that can prevent a manager to...
QUESTIONS 1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of general-purpose finan- cial statements"? 8. In what way is...
Why is the study of financial management important? What is the difference between financial management and accounting? Please answer the questions in a complete paragraph. Make sure you respond to another student's post by day 7 Why is the study of financial management important? What is the difference between financial management and accounting? Please answer the questions in a complete paragraph. Make sure you respond to another student's post by day 7
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