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    Managerial accounting provides internal reports for managers to aid specific business decisions and focuses on subunits within an organization. It uses detailed, relevant data beyond double-entry accounting and financial statements. Financial accounting provides external financial statements and reports to stockholders, creditors, and regulators on the business as a whole using aggregated, double-entry accounting data in accordance with GAAP and includes independent audits.

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    Managerial accounting provides internal reports for managers to aid specific business decisions and focuses on subunits within an organization. It uses detailed, relevant data beyond double-entry accounting and financial statements. Financial accounting provides external financial statements and reports to stockholders, creditors, and regulators on the business as a whole using aggregated, double-entry accounting data in accordance with GAAP and includes independent audits.

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    12 views1 page

    Asignacion #1

    Uploaded by

    Victoria
    Managerial accounting provides internal reports for managers to aid specific business decisions and focuses on subunits within an organization. It uses detailed, relevant data beyond double-entry accounting and financial statements. Financial accounting provides external financial statements and reports to stockholders, creditors, and regulators on the business as a whole using aggregated, double-entry accounting data in accordance with GAAP and includes independent audits.

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    BE19-1 Complete the following comparison table between managerial and financial

    accounting.

    Financial Accounting Managerial Accounting

    Primary users of reports External users: stockholders, Internal users: officers and
    creditors, and regulators managers.
    Types of reports Financial statement. Internal reports.
    Frequency of reports Quarterly and annually. As frequently as needed.
    Purpose of reports General-purpose. Special-purpose for specific
    decisions.
    Content of reports Pertains of business as a Pertains to subunits of the
    whole. business.
    Highly aggregated Very detailed.
    (condensed) Extends beyond double-entry
    Limited to double-entry accounting to any relevant
    accounting and cost data. data.
    Generally accepted Standard is relevance to
    accounting principles. decisions.
    Verification process Audited by CPA. Externos No independent audits.

    BE19-3 Determine whether each of the following costs should be classified as direct
    materials (DM), direct labor (DL), or manufacturing overhead (MO).
    (a) DM Frames and tires users in manufacturing bicycles.
    (b) DL Wages paid to production workers.
    (c) MO Insurance on factory equipment and machinery.
    (d) MO Depreciation on factory equipment.

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