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Financial and Managerial Accounting Essay Research
Essay Instructions:
Discussion: Financial vs. Managerial Accounting
After reading the required background resources for this Module, compare and contrast financial accounting and managerial accounting. What are the purposes and the critical functions of each? Explain your answer in a 200-word summary, using peer-reviewed sources to support your explanations.
Your posts will be graded on how well they meet the Discussion Requirements posted in the “Before You Begin” section”. Please review this section, as well as the discussion scoring rubric.
Essay Sample Content Preview:
Financial and Managerial Accounting
Student’s Name:
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Financial and Managerial Accounting
Despite financial and managerial accounting having distinct roles, they are both critical for a business’s success. They both have vital information applicable to decision making. These data forms are majorly from the past and present statistics that can predict future operations in an organization (Nowicki, 2018). Both the financial and managerial accounting reports reveal the general financial state of a company. The accounting styles also encourage users to adopt a habit of developing better choices when budgeting. The two accounting techniques’ sole focus is on economic status while combining fiscal reports, liabilities, costs, and money’s general flow.
According to Schroeder, Clark, and Cathey (2019), the financial accounting target provides an organization’s financial status to external stakeholders like corporations, financial institutions, and shareholders. It performs regular updates on the budgetary situation of the company. The data is crucial as it influences the shareholder’s decision to choose whether to continue investing in their business resources or quit. When the company’s revelation from managerial accounting indicates that the company is making agreeable levels of monetary benefits, the institution’s credits increase. Other shareholders also become motivated to add their resources to the company.
On the other hand, managerial accounting focuses on availing data internally to make decisions in the company (Weygandt, 2018). This move helps managers improve their accuracy in developing an in-depth understanding of improving the organization’s budget. The company operators use the data to plan for accurate decisions pegged on the firm’s past and present experiences. Managerial information is useful to directors due to its use in assessing the market trends and patterns. There are no rules and regulations adhered to in managerial accounting while availing information. Financial accounting strictly adhe...
Student’s Name:
Institutional Affiliation:
Course ID and Name:
Tutor’s Name:
Due Date:
Financial and Managerial Accounting
Despite financial and managerial accounting having distinct roles, they are both critical for a business’s success. They both have vital information applicable to decision making. These data forms are majorly from the past and present statistics that can predict future operations in an organization (Nowicki, 2018). Both the financial and managerial accounting reports reveal the general financial state of a company. The accounting styles also encourage users to adopt a habit of developing better choices when budgeting. The two accounting techniques’ sole focus is on economic status while combining fiscal reports, liabilities, costs, and money’s general flow.
According to Schroeder, Clark, and Cathey (2019), the financial accounting target provides an organization’s financial status to external stakeholders like corporations, financial institutions, and shareholders. It performs regular updates on the budgetary situation of the company. The data is crucial as it influences the shareholder’s decision to choose whether to continue investing in their business resources or quit. When the company’s revelation from managerial accounting indicates that the company is making agreeable levels of monetary benefits, the institution’s credits increase. Other shareholders also become motivated to add their resources to the company.
On the other hand, managerial accounting focuses on availing data internally to make decisions in the company (Weygandt, 2018). This move helps managers improve their accuracy in developing an in-depth understanding of improving the organization’s budget. The company operators use the data to plan for accurate decisions pegged on the firm’s past and present experiences. Managerial information is useful to directors due to its use in assessing the market trends and patterns. There are no rules and regulations adhered to in managerial accounting while availing information. Financial accounting strictly adhe...
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