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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
Financial statements furnish financial statistics of a business’ operations or condition to a
variety of users. Having an understanding what type of information is on which type of report is
helpful when considering a report to review. This report will specifically deal with two such
financial statements, managerial and financial accounting reports. Furthermore, the report will
dissect the type of information they generate, who can use the generated data, and how can the
information be used to towards business decisions.
Managerial Accounting
Managerial accounting report presents historical and estimated data to the internal
management in order to conduct business operations and develop an inclusive business strategy
(Edmonds, Edmonds, McNair, Olds, & Schneider, 2006). The key purpose of managerial
accounting is to induce managers in achieving these business strategies by focusing their efforts
towards them. It can be used as a tool in establishing values in the organization by the directing
resources, procedures, and employees to efficiently and proficiently achieve the company’s
objectives (Edmonds, et. al., 2006). Managerial accounting reports can be tailored to specific
requests of the management. Though the report falls under financial statement, this flexibility in
appending certain categories allows it not to be prepared according to Generally Accepted
Accounting Principles (GAAP) (Kimmel, Weygandt, & Kieso, 2007).
The data in managerial accounting consists of financial and nonfinancial data to help
managers with strategic planning and decision-makingin product costs, cash flows and budgets
(Gillet, n.d.). When evaluating a managerial accounting statement it shows if the process that is

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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 Financial statements furnish financial statistics of a business’ operations or condition to a variety of users. Having an understanding what type of information is on which type of report is helpful when considering a report to review. This report will specifically deal with two such financial statements, managerial and financial accounting reports. Furthermore, the report will dissect the type of information they generate, who can use the generated data, and how can the information be used to towards business decisions. Managerial Accounting Managerial accounting report presents historical and estimated data to the internal management in order to conduct business operations and develop an inclusive business strategy (Edmonds, Edmonds, McNair, Olds, & Schneider, 2006). The key purpose of managerial accounting is to induce managers in achieving these business strategies by focusing their efforts towards them. It can be used as a tool in establishing values in the organization by the directing resources, procedures, and employees to efficiently and proficiently achieve the company’s objectives (Edmonds, et. al., 2006). Managerial accounting reports can be tailored to specific requests of the management. Though the report falls under financial statement, this flexibility in append ...
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