Managerial accounting introduction will introduce the topic of managerial accounting. It is useful to compare managerial accounting to financial accounting. Most differences between the two accounting categories are derived from the objectives of the users. In other words, managerial accounting is designed to help internal users while financial accounting is designed to help external users. Financial accounting has more laws and regulations because external users are depending on them. Managerial accounting reports can be generated any time where as financial accounting reports are generated based on a strict schedule. Managerial accounting if future focused while financial accounting is based on reporting past numbers. Managerial accounting often focuses on segments of an organization while financial accounting looks at the big picture. Managerial accounting will use a lot of numerical data but will also use other forms of data while financial accounting generally focuses on dollars as the form of reporting.
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