Different Financial Account and Management Account

COMA (Chartered Institute of Management Accountants) defines Management accounting as “Management Accounting is the process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of information that used by management to plan, evaluate, and control within an entity and to assure appropriate use of an accountability for its resources”.
Financial accounting is concerned with providing information of the scorecard by which a company’s past performance to External user (Ex: stockholder, creditor, and shareholder) I Financial Accounting I Management Accounting I Format I accordance with a specific format by SIS I No specific format I Objectives I l) to disclose the end results of the businesses) to disclose the financial condition of the business on a particular date I help management by providing Information that used by management to plan, evaluate, and control I
Planning and control I helps in making Investment decision, In credit rating I helps management to record, plan and control activities to aid decision-making process I Accounting process I Follows a full process of recording, classifying, and summarizing for the purpose of analysis and interpretation of the financial information I Cost accounts are not preserved under Management Accounting but analyses necessary data from financial statements and cost ledgers.

I Legal/rules I Drafted according to GAP – General Accepted Accounting Procedure. I Drafted according to management suitability. I Users I External users, such as shareholders, bank and creditors. I Internal users such as managers and employees. I Mandatory Vs.. Optional I Preparing financial accounting reports are mandatory especially for limited companies I There are no legal requirements to prepare reports on management accounting report frequency I annually, seem- annually I whenever needed ; daily, weekly, monthly.
I Focus I history I future I Importance I The financial accounting, the origin of preservation of knowledge ivies emphasis on recording keeping on a whole firm basis for the purpose of decisions by all the users of accounting information, both external and internal. Management accounting uses cost data for provision of information for strategic management decisions. It is mainly concerned with the provision of help to the managers to asses them in the process of decision making and design business strategies. I The deferent between Financial Accounting and Management accounting: IQ .

Haven’t Found The Relevant Content? Hire a Subject Expert to Help You With
Different Financial Account and Management Account
Post Your Own Question And Get A Custom Answer
Hire Writer
myhomeworkgeeks (28431)
New York University
15 MILLION STUDENTS HELPED!

Hire an Expert to Help you

Hire Verified Expert

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
Have a homework question? Get help from verified tutors now!

Are You Looking For Assignment Help? We Can Certainly Assist You

Sometimes it is hard to do all the work on your own

Let us help you get a good grade on your paper. Get professional help and free up your time for more important courses. Let us handle your;

  • ~Dissertations
  • ~Essays
  • ~All Assignments

  • ~Research papers
  • ~Term papers