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Managerial And Financial Accounting Paper

873 words - 3 pages

IntroductionManagement has been described as the process whereby resources are combined into an integrated system to accomplish the objectives of the system. In most organizations, management, at its many levels, plans and sets goal and objectives and strives to ensure that they are met. Managerial Accounting is considered to be the backbone to a business's operation. It's the spreadsheets that show not only the numbers for the financial accounting reports but it also shows everything from scheduling to toilet paper inventory. Financial Accounting provides the hard facts delivered by numbers, and as it has been said over time, numbers never lie. The numbers provided in the Financials are what will determine the forecast for the following year. These numbers are important because they are what will help the managers and other executives make sound business decisions for the company.Managerial Accounting InformationManagerial accounting can provide information that financial accounting does not. Although the financial accounting provides the numbers so to speak, managerial accounting provides the actual planning; this form of accounting also provides information for categories such as sales, marketing, and action programs. Managerial accounting can provide information on population growth and changing age structure. Managerial accounting also follows trends, geographic shifts in population and income distribution within market areas. The responsibility for making plans, organizing resources, directing personnel, and controlling operations must fall on the managerial staff. Managerial accounting also analyzes demand, sales, expenses, staffing, and other Necessary resources. Information is provided for planning, pricing, staffing, and sales, evaluation, or control. These reports follow internal procedures instead. Managerial accounting can also show hours of training, amount of items processed, gearing ratios, employee errors, productivity of the associates and errors that may have occurred in the system.Financial Accounting InformationFinancial accounting provides much needed data for companies to understand their business performance. The information will differ from company to company depending on the accounting standards that they use. The financial accounting reports are prepared for external customers such as shareholders, creditors, and auditing agencies.Because financial accounting reports are open to the public, the report is created according to the Generally Accepted Accounting Principles or GAAP guidelines. The reports are created for a time such as a fiscal year or month. The data is created from historically factual data from the past and is generally used for financial decision making and investing (Phillips, Libby, Libby 2005).Many decisions can be made from financial accounting because it shows assets such as cash, inventory, equipment and historical value of land versus the market value for today...

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