edf40wrjww2CF_PaperMaster:Desc
Running head: MANAGERIAL AND FINANCIAL ACCOUNTING
Managerial and Financial Accounting
Team A will identify the difference between managerial and financial accounting. This paper will explain information about using financial accounting it provides information used by the management team of an organization for decision-making. The primary means is to measure and monitor the performance and report results to the interested users (Weygandt, Kimmel, Kieso, 2007). Financial Accounting is used to prepare accounting information for external users that are not involved in the everyday running of a company. The external users include investor, creditors, tax authorities, customers, economic planner, and other suppliers will have the ability to [Express this usage of "the ability to" as simply "can" or "could"] review the financial information of a company (Weygandt, Kimmel, Kieso, 2007). Management Accounting is used internally by, users who are involved with the day-to-day operations. Management Accounting is a resource used to account for an organization’s resources, such as strategic management, performance management, and risk management (Weygandt, Kimmel, Kieso, 2007). Finally, Team A will describe in enhanced details the kind of business decision made and the different types of information that is provided when using managerial and financial accounting methods within an organization (Weygandt, Kimmel, Kieso, 2007).
Managerial Accounting is a very important part manager’s daily operation. Managerial Accounting although an in-house tool used in the decision making process only a selected few has the ability ...