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Post 2 - financial reports distinguishing costs by behavior...

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Nancy Niebuhr 31 Mar 11 8:13 PM MST Professor and class, Financial accounting is the process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties. Users of these financial reports include investors, creditors, managers, unions. and governmental agencies. Managerial accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, control, and evaluate a company's operations. Financial accounting usually reflects activities of the whole organization. Managerial accounting commonly addresses individual or divisional concern rather that those of the whole firm. Understanding cost behavior is extremely important for many managerial activities including budgeting, cost-volume-profit analysis, and relevant costing. Internal
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Unformatted text preview: financial reports distinguishing costs by behavior are often prepared for use in management decision making and analysis. I don't think that cost behaviors are the same or consistent, because costs are always changing and product activity chages also. Hi Nancy, As you have stated the job of a financial accountant is different than a managerial accountant. The exact job description for a person who opts to become a financial accountant may vary from employer to employer. An individual in this field often handles tasks such as bookkeeping, the creation of financial statements, and the calculating of expenses and profits. A person who fills this position may also advise his clients when they need to make finance-related decisions. Jack...
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