Financial & Management Accounting , Accrual basis and Cash basis Accounting

May 5th, 2015
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Difference between Financial and Management Accounting focuses on the data needs for internal managers while financial accounting provides information to both internal and external stakeholders. Difference between accrual basis accounting and cash basis accounting and what kind of transactions would have financial impact without impacting cash.

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Question 1 Understand the difference between financial and managerial accounting and that managerial accounting focuses on the data needs of internal managers while financial accounting provides information to both internal and external stakeholders. Know what GAAP is? Answer: Thedifferences betweenmanagement accountingandfinancial accounting include: 1. Management accounting provides information to people within an organization while financial accounting is mainly for those outside it, such as shareholders2. Financial accounting is required by law while management accounting is not. Specific standards and formats may be required for statutory accounts such as in the I.A.SInternational Accounting Standardwithin Europe.3. Financial accounting covers the entire organization while management accounting may be concerned with particular products or cost centers.

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