Many times, when people think of the profession of accounting and what accountants do on a day-to-day basis, they think all accountants do the same thing and have the same goals. This is not always the case. Accounting can be broken down many different ways, but one of the main ways involves looking at the differences between financial accounting and management accounting. Both have different purposes and uses, and as a result they have different rules and emphases.
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One major difference about financial accounting and management accounts is in their area of expertise. Financial accounts concentrate on the whole of a business while management accounts focus on different specific areas of businesses. Reports, when it comes to financial accounting, are arranged for the use of external parties. Reports on managerial accounting are prepared particularly for managers inside the organization.
Darcy Grubaugh
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