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Differentiate managerial accounting from financial accounting using the following criteria: a) Primary users of reports Type and frequency...

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Accounting

Differentiatemanagerial accounting from financial accounting using the followingcriteria: a) Primary users of reports

  1. Type and frequency of reports
  2. Purpose of reports
  3. Contents of reports
  4. Verification Process

Give concreteexamples for each difference.

Answer & Explanation Solved by verified expert
3.9 Ratings (504 Votes)
Following are the differences between managerial accounting and financial accounting a Primary users of report Financial accounting report are primarily used by creditors investors and market analyst Whereas managerial accounting report is used by directors promotors b Type and frequency of report Financial accounting are of two types Cash basis Accrual basis Managerial accounting are of seven types Product Costing and Valuation    See Answer
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Differentiatemanagerial accounting from financial accounting using the followingcriteria: a) Primary users of reportsType and frequency of reportsPurpose of reportsContents of reportsVerification ProcessGive concreteexamples for each difference.

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