Financial Accounting vs. Managerial Accounting – Flashcards
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mainly for external use
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financial
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mainly for internal use
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managerial
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helps external users make financial decisions
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financial
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helps managers make decisions, plan, direct, and control
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managerial
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driven by GAAP
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financial
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not driven by GAAP
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managerial
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looks at the previous year
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financial
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looks to the future
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managerial
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ONLY financial data
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financial
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not just financial data
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managerial
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prepared quarterly or annually
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financial
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prepared any time, anywhere, for any purpose
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managerial
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all about verifiability
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financial
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all about relevance (timeliness)
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managerial
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focuses on company as a whole
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financial
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focuses on operating segments
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managerial
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not so detailed
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financial
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very detailed
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managerial
