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Submitted 709 days ago...

Phacelia714

Phacelia714

Beginner (68)

What are the differences between managerial and financial accounting?

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Answer 1 / 2 - Submitted 706 days ago...

technoeye

technoeye

Beginner (63)

Financial accounting is concerned with the presentation, use and analysis of historic (past) transactions whereas Mangerial accounting is concerned with decision making by the use of future relevant transactions and use of standard information to compare with actual information for the control and feedback process to be considered by Management.

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Answer 2 / 2 - Submitted 705 days ago...

tex0322

tex0322

Brain (2,659)

Financial accounting is concerned with what has happened and must follow GAAP (Generally Accepted Accounting Practices) and is required. Managerial accounting looks to the future and need not follow GAAP. Also managerial accounting is not required.

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What are the differences between managerial and financial accounting?

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