Tuesday, October 1, 2013

Financial Accounting vs Management Accounting

Financial Accounting:
  • Recording transactions and preparing financial statements regarding the entity as a whole.
  • GAAP (Generally Accepted Accounting Practices) standards ensure comparability of financial statements between businesses. 


Management Accounting:
  • Provides financial information for specific purposes
  • Used by management for decision making.
  • Used to assist management reach financial goals.

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