
Financial and management accounting look at a business using different perspectives. Management accounting, also known as cost accounting, focuses in the internal needs of a company, while financial accounting concentrates on outside users of information. Financial statements compilation is associated with financial accounting. Budgets and cost variances relate to management accounting
Financial accounting is concerned with the past, while management accounting deals with the future.
Accounting Systems
Generally in computerized accounting, the cost accounting system interfaces with the financial accounting system, feeding into specific accounts, such as inventories and cost of good sold. Financial accounting doesn't need to know costs of manufactured part A versus part B -- these are particular concerns of management accounting only.
Many times the same individual does management and financial accounting without realizing it.
Differences Between Management and Financial Accounting
Accounting papers constitute a wide variety of research papers which contain various researched concepts, ideas and theories in the field of accounting. The accounting papers' content has to be backed by substantiating evidence from various accounting academic sources. A large number of students face difficulties in the writing of accounting essays, because of lack of writing proficiency and time to attend to their accounting papers in time.
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