acc - 220 - week 5 dq 1

Acc 220 week 5 - There are both similarities and differences between managerial and financial accounting First each field of accounting deals with

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There are both similarities and differences between managerial and financial accounting. First, each field of accounting deals with the economic events of a business. Reporting the total cost of goods manufactured and sold is part of financial accounting. In addition, both managerial and financial accounting requires that a company’s economic events be quantified and communicated to interested parties. The difference between financial and managerial accounting include the following in Financial Accounting and Managerial Accounting. Financial Accounting Managerial Accounting External users: stockholders, creditors, and regulators. Primary Users of Reports Internal users: officers and managers. Financial statements. Quarterly and annually. Types and Frequency of Reports Internal reports. As frequently as needed. General- purpose. Purpose of Reports Special-purpose for specific decisions. Pertains to business
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This note was uploaded on 12/12/2011 for the course ACC 220 220 taught by Professor Aliciahubbard during the Winter '10 term at University of Phoenix.

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Acc 220 week 5 - There are both similarities and differences between managerial and financial accounting First each field of accounting deals with

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