ACC220WK5DQ1 (2) - How would you describe the difference...

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How would you describe the difference between financial and managerial accounting? Financial and Managerial Accounting both are the key parts to any business and do have the same goal of success for each company. But there differences between them are one is stronger in its ethics than the other one. For instance in financial accounting they use more external outside people to get the job done like stockholders, creditors and merchandisers that help make their decisions. Where as with Managerial Accounting they use internal sources to get the job done like managers, CEO, Vice Presidents to make inside decisions within their company. In Financial Accounting financial statements are only prepared once a month or once every quarter, where in managerial accounting reports are prepared as soon as they are needed at any time. In Financial accounting reports only serve a general purpose with basic information about the
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This note was uploaded on 01/07/2012 for the course COM 155 155 taught by Professor Shepherd during the Spring '10 term at University of Phoenix.

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