Differentiate between financial accounting and managerial accounting with an appropriate example
Expert Answer
Here are the key differences in financial and managerial accounting:
– Financial accounting works and reports for external groups such as owners, tax authorities, tax regulators etc. whereas managerial accounting focuses on internal groups within the organization for planning and motivation purposes.
– The importance of financial management lies on the summaries of financial significances or activities happened in the past whereas the managerial accounting focuses on decisions which may
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