2006-08-27 14:58:32 · 2 answers · asked by wccp123456789 2 in Business & Finance ➔ Other - Business & Finance
Financial accounting reports to the public in financial statements according to GAAP standards while managerial accounting is used inside the company for strategic purposes.
2006-08-27 15:08:35 · answer #1 · answered by Ramond 1 · 0⤊ 0⤋
Managerial accounting focuses on the accounting methods and procedures for normal business operations, taxes, reporting, and planning. Financial accounting takes accounting to a different level by understanding finance, including investments, taxes, yearly reporting, tax status, and most importantly strategic financial planning. Managerial accounting is great for a manager, and Financial accounting is great for a finance person like a stock broker, CFO, or public official.
2006-08-27 15:09:01 · answer #2 · answered by erok2020 3 · 0⤊ 0⤋