Comparing Managerial and Financial Accounting

Comparing Managerial and Financial Accounting - both...

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COMPARING MANAGERIAL AND FINANCIAL ACCOUNTING There are both similarities and differences between managerial and financial accounting. First, each  field of accounting deals with the economic events of a business. Thus, their  interests overlap . For  example,  determining  the unit cost of manufacturing a product is part of managerial accounting.  Reporting  the total cost of goods manufactured and sold is part of financial accounting. In addition, 
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Unformatted text preview: both managerial and financial accounting require that a company's economic events be quantified and communicated to interested parties. Illustration 14-1 summarizes the principal differences between financial accounting and managerial accounting. The need for various types of economic data is responsible for many of the differences. Differences between financial and managerial accounting...
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This note was uploaded on 11/08/2011 for the course ACCOUNTING ac 202 taught by Professor - during the Fall '11 term at Montgomery.

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Comparing Managerial and Financial Accounting - both...

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