ACC 300 Week 4 Team Assignment - Managerial and Financial Accounting Paper_

May 4th, 2015
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ACC 300 Week 4 Team Assignment - Managerial and Financial Accounting Paper_

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Running head: MANAGERIAL AND FINANCIAL ACCOUNTING PAPERManagerial and Financial Accounting PaperYOUR NAME(S)ACC/300 DATENAME OF PROFESSORManagerial and Financial Accounting PaperManagerial 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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