Managerial and Financial Accounting Differences

Managerial Internal reporting and decision making Financial External reporting Financial Historical information Managerial Future Decision Making Managerial Emphasizes relevance Financial Emphasizes verifiability Financial Precision Managerial Timeliness Financial GAAP Managerial not required Financial Company wide reporting Managerial Segement reporting

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Financial Accounting vs. Managerial Accounting

mainly for external use financial mainly for internal use managerial helps external users make financial decisions financial helps managers make decisions, plan, direct, and control managerial driven by GAAP financial not driven by GAAP managerial looks at the previous year financial looks to the future managerial ONLY financial data financial not just financial data managerial […]

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UF MBA financial accounting exam 1 terms

Adjusting Entries Entries that update account balances prior to preparing financial statements; a bookkeeping tool. Adjusting entries never affect cash account Assets Economic resources used to produce revenue which is expected to provide future benefit for the business Audit Detailed examination of some aspect of a company’s accounting records or operating procedures in order to […]

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Managerial Accounting vs Financial Accounting

Primary users of the information are the internal users such as managers managerial Primary users of the information are the external users, such as creditors, stockholders, and government regulators Financial The purpose of the information is to help managers plan, direct, and control business operations and make business decisions Managerial The purpose of the information […]

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FAR 1) Financial Accounting Standards Board

What does the Securities and Exchange Commission (SEC) do? It administers the US securities laws, most notably the Securities Act of 1933 and the Securities Exchange Act of 1934 as well as others. What is the main purpose of the Securities and Exchange Commission (SEC)? The main purpose of the SEC is to promote efficient […]

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Financial Accounting Exam 1

creditors persons or entities to whom a company owes money amount owed to creditors liabilities note payable liability to the bank bonds payable debt securities sold to investors that must be repaid at a particular date some years in the future common stock the total amount paid in by stockholders for the shares they purchase […]

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Financial Accounting Chapter 1

Stockholders investors Creditor lenders (banks) – make money on loans by charging interest Dividends cash payments that stockholders hope to receive; a portion of what the company earned Internal Decision Makers managers – need info about the company’s business activities to manage the operating, investing, and financing activities of the firm External Decision Makers stockholders […]

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Financial accounting chapters 5-8

Perpetual inventory system keeps a running computerized record of merchandise inventory Purchase of merchandise inventory Merchandise inventory DB cash or accounts payable CD purchase return cash or accounts payable DB merchandise inventory CD payment of freight in merchandise inventory DB cash CD payment with in discount period accounts payable DB cash CD merchandise inventory CD […]

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Accounting-Managerial v.s. Financial

Managerial accounting is directed towards: providing information and analysis to managers inside an organization. Activities performed by managerial accountant include: 1. Determining the cost of providing a service or making a product 2. Assist management in profit planning and formalizing the plans into budgets 3. Determine the behavior of costs and how profit will change […]

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