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發表於 2015-2-6 13:42:57
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Financial Accounting vs Management Accounting
Audience
Financial accounting produces information that is used by external parties, such as shareholders and lenders.
Managerial accounting produces information that is used within an organization, by managers and employees.
Objectives
The main objectives of financial accounting are to disclose the end results of the business, and the financial condition of the business on a particular date.
The main objective of managerial accounting is to help management by providing information that is used to plan, set goals and evaluate these goals.
Focus
Financial accounting focuses on history; reports on the prior quarter or year.
Managerial accounting focuses on the present and forecasts for the future.
Optional?
It is legally required to prepare financial accounting reports and share them with investors.
Managerial accounting reports are not legally required.
Rules
Rules in financial accounting are prescribed by standards such as GAAP or IFRS. There are legal requirements for companies to follow financial accounting standards.
Managerial accounting reports are only used internally within the organization; so they are not subject to the legal requirements that financial accounts are.
Reporting frequency and duration
Defined - annually, semi-annually, quarterly, yearly.
As needed - daily, weekly, monthly.
Information
Monetary, verifiable information.
Monetary and company goal driven information.
Format
Financial accounts are reported in a specific format, so that different organizations can be easily compared.
Format is informal and is on a per department/company basis as needed.
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