Scribd Logo
Upload

Welcome to Scribd!

  • 67 views

    Financial Vs Managerial Accounting

    Uploaded by

    Rica Presbitero
    This document is a student paper submitted to Dr. Felix D. Cena at the University of St. La Salle Yu An Log College of Business and Accountancy for the course MBA204: Managerial Accounting. The paper discusses the similarities and differences between financial accounting and managerial accounting. Some key similarities are that both provide accounting information to users, create financial documents, and require knowledgeable accountants. Key differences are that financial accounting provides public information for investors and customers, follows accounting standards, and focuses on financial position, while managerial accounting provides internal reports for management decision making and focuses more on operational reports.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content

    You might also like

    Financial Vs Managerial Accounting

    Uploaded by

    Rica Presbitero
    67 views4 pages
    This document is a student paper submitted to Dr. Felix D. Cena at the University of St. La Salle Yu An Log College of Business and Accountancy for the course MBA204: Managerial Accounting. The paper discusses the similarities and differences between financial accounting and managerial accounting. Some key similarities are that both provide accounting information to users, create financial documents, and require knowledgeable accountants. Key differences are that financial accounting provides public information for investors and customers, follows accounting standards, and focuses on financial position, while managerial accounting provides internal reports for management decision making and focuses more on operational reports.

    Original Description:

    Original Title

    Financial vs Managerial accounting

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document is a student paper submitted to Dr. Felix D. Cena at the University of St. La Salle Yu An Log College of Business and Accountancy for the course MBA204: Managerial Accounting. The paper discusses the similarities and differences between financial accounting and managerial accounting. Some key similarities are that both provide accounting information to users, create financial documents, and require knowledgeable accountants. Key differences are that financial accounting provides public information for investors and customers, follows accounting standards, and focuses on financial position, while managerial accounting provides internal reports for management decision making and focuses more on operational reports.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    67 views4 pages

    Financial Vs Managerial Accounting

    Uploaded by

    Rica Presbitero
    This document is a student paper submitted to Dr. Felix D. Cena at the University of St. La Salle Yu An Log College of Business and Accountancy for the course MBA204: Managerial Accounting. The paper discusses the similarities and differences between financial accounting and managerial accounting. Some key similarities are that both provide accounting information to users, create financial documents, and require knowledgeable accountants. Key differences are that financial accounting provides public information for investors and customers, follows accounting standards, and focuses on financial position, while managerial accounting provides internal reports for management decision making and focuses more on operational reports.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 4

    University of St.

    La Salle
    Yu An Log College of Business and Accountancy
    Graduate School Programs
    Academic Year 2019 – 2020

    Similarities and Differences of Financial and Managerial Accounting

    In Partial Fulfillment of the Requirements for


    MBA204: Managerial Accounting

    Submitted to:
    Dr. Felix D. Cena
    Faculty

    Submitted By:
    Rica Marcel I P. Presbitero

    February 7, 2020
    I. Definition of Terms

    Financial Accounting is defined as a process of preparing financial statements

    (AccountingEDU.org, 2018) to provide information to the public regarding the

    company’s financial position and performance. On the other hand, Managerial

    Accounting is a procedure of creating financial reports to provide information for the

    management that will help in the decision-making and analysis of running a company.

    II. Similarities

    The similarities of Financial Accounting and Managerial Accounting are:

    1. They both provide accounting information to users specifically the management.

    2. Both of these processes create financial documents.

    3. Both accounting methods require a person who is knowledgeable regarding the

    accounting principles and theories, who can intently supervise the financial

    records of the company.

    4. Both present the current financial position of the company allowing the

    management to make financial decisions.


    III. Differences

    The differences between Financial Accounting and Managerial Accounting are:

    Financial Accounting Management Accounting

    - provides financial information on the - the reports are in-depth and more
    outputs of the entire business itself. detailed specifically on inventory,
    expenses and revenues of products.
    - it is for public information specifically for - it is for internal use and required for
    potential investors and customers. management’s purposes only.
    - it is mandatory and follows accounting - it can be informal since its for internal
    standards. consumption only.
    - focuses more on the financial position - focuses more on the operational reports
    and profitability of the business. and various ways to enhance profits.
    - the financial statements are released - financial reports are created frequently
    following the end of an accounting period. since it aids for decision-making of the
    management
    References
    AccountingEDU.org. (2018). What is Financial Accounting? Retrieved February 7,
    2020, from AccountingEDU.org: accountingedu.org/what-is-financial-
    accounting.html
    MyAccountingCourse.com. (2019). What is Managerial Accounting? Retrieved
    February 7, 2020, from MyAccountingCourse.com:
    https://www.myaccountingcourse.com/accounting-dictionary/managerial-
    accounting
    Garcia, M. (2017, September 26). Similarities Between Management Accounting &
    Financial Accounting. Retrieved February 7, 2020, from BizFluent:
    https://bizfluent.com/list-7154178-similiarities-management-accounting-financial-
    accounting-.html
    Nurul'Ain. (2014, February 14). Similarities Between Management Accounting
    &Financial Accounting. Retrieved February 7, 2020, from Scribd:
    https://www.scribd.com/doc/81573884/Similarities-Between-Management-
    Accounting
    Accounting tools. (2018, December 21). The difference between financial and
    managerial accounting. Retrieved February 7, 2020, from Accounting Tools:
    https://www.accountingtools.com/articles/what-is-the-difference-between-
    financial-and-managerial-acco.html

    You might also like