Introduction to Managerial Accounting

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Financial and management accounting are very important tools for a business, but they are all of different purposes in a business setup. Financial accounting focus on financial statements given to those involved in a company financial dealings such as stakeholders. Managerial accounting focuses on providing information, which is used by management for effective company management.

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Running head: INTRODUCTION TO MANAGERIAL ACCOUNTING1Introduction to Managerial AccountingAuthor:Institution:INTRODUCTION TO MANAGERIAL ACCOUNTINGFinancial and management accounting are very important tools for a business, but theyare all of different purposes in a business setup. Financial accounting focus on financialstatements given to those involved in a company financial dealings such as stakeholders.Managerial accounting focuses on providing information, which is used by management foreffective company management. They all have different audiences such as investors are notinvolved in daily management of business but are concerned in protecting their investments,whereas managers always need all piece of information to make daily decisions. There arevarious differences between them two.Financial accounting shows its external stakeholders how the company is healthyfinancially. It encompasses all the financial activities that have taken place in the past. On theother hand, management accounting is for business management purpose, managers use themfor decision making on how the business will operate. They help the business avoid ideas thatmay lead into flaws or even business collapse. They are used to control the daily operations ofthe business and counter check if they are as per the stipulated standards.Management accounting is current and future oriented in such a manner that it is usedto forecast future business trends and help the decision makers
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