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Running head: MANAGERIAL AND FINANCIAL ACCOUNTING PAPER
Managerial and Financial Accounting Paper
YOUR NAME(S)
ACC/300
DATE
NAME OF PROFESSOR

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MANAGERIAL AND FINANCIAL ACCOUNTING PAPER 2
Managerial and Financial Accounting Paper
Managerial statements are statements that are generated internally for use by managers of
a company. Managerial statements show the day to day figures on how the company is doing.
These statements are used by managers to do planning for the immediate and long-term future.
Managerial statements do not need to comply with GAAP standards because the reports are used
internally only and show figures that are specific to a certain time period for line items used only
by managers.
Financial Statements are created for use to show how the company is operating to people
outside of the organization like creditors and investors. Financial statements have to comply
with GAAP because they are used to show tax information as well as information that investors
need to make a decision to invest or not with the company.
Team # will now be going into more detail about what kind of information is found on each
of the two types of accounting. We will also be covering more on who uses each of the
statements and the different kinds of information found.
Managerial Accounting
Managerial accounting is information used for and by managers within an organization
that involve the financial activities of the organization. The tools can be used to review and set
performance measures and benchmarks for business. “Everywhere managers carry out three
major activities-planning, directing and motivating, and controlling” (Accounting for
Management, 2008).
Planning involves the internal process of preparing for the future short-term and long-
term goals. This is the time where managers review what is needed vs. what is wanted. They

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Running head: MANAGERIAL AND FINANCIAL ACCOUNTING PAPER Managerial and Financial Accounting Paper YOUR NAME(S) ACC/300 DATE NAME OF PROFESSOR Managerial and Financial Accounting Paper Managerial statements are statements that are generated internally for use by managers of a company. Managerial statements show the day to day figures on how the company is doing.  These statements are used by managers to do planning for the immediate and long-term future.  Managerial statements do not need to comply with GAAP standards because the reports are used internally only and show figures that are specific to a certain time period for line items used only by managers. Financial Statements are created for use to show how the company is operating to people outside of the organization like creditors and investors.  Financial statements have to comply with GAAP because they are used to show tax information as well as information that investors need to make a decision to invest or not with the company. Team # will now be going into more detail about what kind of information is found on each of the two types of accounting. We will also be covering more on who uses each of the statements and the different kinds of information found. Managerial Accounting Managerial accounting is information used for and by managers within an organization that involve the financial activities of the organization. The tools can be used to review and set performance measures a ...
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