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    Thread: What are the differences between management accounting and financial accounting?

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      Default What are the differences between management accounting and financial accounting?

      What are the differences between management accounting and financial accounting?


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      Financial accounting and managerial accounting are two of the four largest branches of the accounting discipline (tax accounting and auditing are the
      others). These differences center around compliance, accounting standards , and target audiences.

      The main objective of managerial accounting is to produce useful information for a company's internal
      use. Business managers collect information that encourages strategic planning, helps them set realistic goals, and encourages an efficient directing of company resources. Financial accounting has some internal uses as well, but it is much more concerned with informing those outside of a company. The final accounts or financial statements produced through financial accounting are designed to disclose the firm's business performance and financial health.


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      Management accounting is pretty much broader than financial accounting when it comes to assisting management since the term “management accounting” is developed to serve the management alone. Financial accounting is a sectional subject that helps management see how an organization is doing financially. While financial accounting is made for investors and interested parties who can look at the financial statements and decide for themselves whether they would put their money in the organization or not. Financial accounting helps when it comes to the classification, analysis, summarizing and recording financial transactions of the organization. The essence of this is to show a precision and fair image of the financial activities of the company. Cost accounting on the other hand collates, evaluates, and understand the financial quantitative and quantitative data to help the management make the right business decisions.


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