1.6 Explain the distinctions between Financial Accounting and Managerial Accounting and discuss goals and objectives for each of them. Provide an example to support your point of view.
Expert Answer
Here are some differences between both two-
Meaning- Management accounting analyzes and provide the data related to cost. By this data the managers decide their production plans while financial accounting that focuses on preparing financial statements for creditors, investors, stakeholders etc.
Financial accounting is compulsory to have for an organization while management accounting is not mandatory.
Financial accounting has only financial information while management accounting has financial and non financial information.
Objective- As
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