ACC 220 WEEK 5 DQ 1 - accounting is special-purpose for...

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Week 5 Discussion Question 1 Due Date: Day 2 [Main] forum Post your response to the following: How would you describe the difference between financial and managerial accounting?
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How would you describe the difference between financial and managerial accounting? First, the primary users of reports in financial accounting is external users: stockholders, creditors, and regulators. The primary users of managerial accounting is internal users: officers and managers. Second, the types and frequency of reports for financial accounting uses financial statements and they are quarterly and annually. Managerial accounting uses internal reports and as frequently as needed. Third, the purpose of reports for financial accounting is general-purpose and managerial
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Unformatted text preview: accounting is special-purpose for specific decisions. Fourth, content of reports for financial accounting is limited to double-entry accounting and cost data, highly aggregated (condensed), pertains to business as a whole, and generally accepted accounting principles. Managerial accounting is extended beyond double-entry accounting to any relevant data, very detailed, pertains to subunits of the business, and standard is relevance to decisions. Last, financial accounting verification process is audit by CPA and managerial accounting verification process is no independent audits....
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ACC 220 WEEK 5 DQ 1 - accounting is special-purpose for...

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