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Managerial Accounting And Financial Accounting Final

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Difference between managerial accounting and financial accounting Definition of Financial & Managerial Accountings Financial accounting and managerial accounting are microeconomic level tools for company to perform its external and internal representation respectively. Arguably, over the decades, financial accounting and managerial accounting have independently come up to address respectively the needs of the external parties and the internal management of the organisation. Financial accounting and management accounting are closely related in that management accounting is overwhelmingly reorganisation of the data provided by financial accounting;nevertheless, these two accounting systems have fundamental differences for reason of their disparate objectives.(Corina Maria 1918) Management accounting is in essence an internal reporting process whereas financial accounting an external report ...
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