Define accounting . and what is the difference between managerial accounting and financial accounting ?

Accounting is the science of recording and tabulation processes and transactions which represents the economic and financial events in accordance with the particular system to give financial information is used mainly by foreign investors directors and actors and decision makers

 

Financial accounting is one of the branches of the relevant accounting register, classify and summarize and interpret and display historical accounting information relating to the financial situation through the statement of financial position and financial performance of income and cash flows and other menus

 

Management Accounting is an information system specialized collection, tabulation, analysis and storage of key data or information resulting from other subsystems of the information in the enterprise for the purpose of production of a financial nature Ooger financial information to assist management in planning, control and decision-making

Accounting set of steps and roads artistic statement followed for enterprise activity and its impact on the structural funds. Technology to monitor inflows according to the company's activity. Tool to detect and photograph the financial position of the institution and to show their accounts components. Accounting integrated system to regulate the flow through the Foundation's activities or even various activities, both with the same behaviors such as cash, production or operating or others.

 

The intrinsic differences between financial accounting and managerial accounting: In terms of data: financial accounting based on historical data

Accounting and management scheme based on the ability of data and actual data and historical data Mqarndthaotstkhaddm Kastrashad data

 

In terms of the audience of users:

Financial accounting is based on external users and external parties Service of taxes, banks, lenders and investors as well as to owners

 

Management Accounting serves as an information system serves the administration basically make their own decisions and even rationalize those decisions based on the plant include diverse sections Service

2. in terms of method of data collection:

Financial accounting is based on the data he has already occurred through financial documents and records and books and financial statements reflect the impact of these data on the financial position

 

Accounting managerial based on the financial statements and Kemah, such as performance reports and cost reports used Aslib Sports such operations, statistics, linear programming, programming goals to reach for a solution optimized correct choice between alternatives and examine some decisions, such as manufacturing or purchasing decision and the decision of leasing research or purchase premium or purchase Cache as well as decisions adding new energy

 

Vulnerability to external environment

Financial Accounting affected by the external environment in terms of legislation and laws and policies of customers, suppliers and Almnavsenallmhacbh administrative affected by the environment of the Interior, where most decisions are affected by the addition of a new product or a new product line or add new energy or additional investment

 

The impact of other sciences it

Financial Accounting influenced by science and other accounting as affected by the review in terms of data presentation and disclosure Anhamahasph administrative affected by other sciences such as economics, as well as processes and mathematics research as it used those theories and methods to choose among alternatives and choose the best

 

Managerial accounting is more concerned with operational reports, which are only distributed within a company. Standards. Financial accounting must comply with various accounting standards, whereas managerial accounting does not have to comply with any standards when it compiles information for internal consumption.

Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions.

Managerial accounting is more concerned with operational reports, which are only distributed within a company. Standards. Financial accounting must comply with various accounting standards, whereas managerial accounting does not have to comply with any standards when it compiles information for internal consumption.

 

simply

acc. this all transaction internal co. with daily period or yearly

finance: how to get budget and manage ur asset to get more benefit

 

Accounting or accountancy is the measurement, processing and communication of financial information about economic entities.

Financial Accounting

Financial accounting is used to present the financial health of an organization to its external stakeholders. Board of directors, stockholders, financial institutions and other investors are the audience for financial accounting reports. Financial accounting presents a specific period of time in the past and enables the audience to see how the company has performed. Financial accounting reports must be filed on an annual basis, and for publically traded companies, the annual report must be made part of the public record.

Management Accounting

Management or managerial accounting is used by managers to make decisions concerning the day-to-day operations of a business. It is based not on past performance, but on current and future trends, which does not allow for exact numbers. Because managers often have to make operation decisions in a short period of time in a fluctuating environment, management accounting relies heavily on forecasting of markets and trends.

Accounting is systematic and comprehensive recording of financial transactions pertaining to a business.

Managerial accounting has its focus on providing information within the company so that its management can operate the company more effectively and financial accounting has its focus on financial statement  which are distributed to stockholder lenders, financial analyst and other outsider of company

Accounting is a system of recording information about business transaction.

 

Difference between Managerial Accounting and Financial Accounting:

 

Managerial Accounting:-

 

1.    Purpose: Plan, Control, Improve Operations

2.    End Users: Line Managers, Executives (Internal)

3.    Time Dimension: Plans, Actual Results, and Forecasts

4.    Structure: Based on Business Needs

5.    Information: Down to Individual Operating Unit

6.    Data Verification: Internal Controls

 

Financial Accounting:-

 

1.    Purpose: Reporting of Results

2.    End Users: Regulators, Investors, Creditors (External)

3.    Time Dimension: Historical, Actual Results

4.    Structure: Prescribed by Regulators

5.    Information: Company / Enterprise Level

 

6.    Data Verification: Independent Audits

Financial accounting is mainly a method of reporting the results and financial position of a business.It is not primarily concerned with providing information towards the more efficient running of the business. Although financial  financial accounts are of interest to management, their principal function is to satisfy the information needs of persons not involved in running the business. They provide historical information.

Management accounting

The information needs of management go far beyond those of other account users. Managers have the responsibility of planning and controlling the resources of the business. Therefore they need much more detailed information. They also need to plan for the future e.g budgets.

Management accounting is a management information system which analysis data to provide information as a basis for managerial action. The concern of a management accountant is to present accounting information in the form most helpful to management.

Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business.

The main objective of managerial accounting is to produce useful information for internal use. Business managers collect information that encourages strategic planning; set realistic goals; and efficient directing of company resources.

Financial accounting has some internal uses as well, but it is much more concerned with informing those outside of the company. The final accounts, or financial statements, produced through financial accounting are designed to disclose business performance and financial health. If managerial accounting is created for a company's management, then financial accounting is created for its investors, creditors and regulators.

Accounting: The systematic recording, reporting, and analysis of financial transactions of a business. The person in charge of accounting is known as an accountant, and this individual is typically required to follow a set of rules and regulations, such as the Generally Accepted Accounting Principles.

Financial accounting has its focus on the financial statements which are distributed to stockholders, lenders, financial analysts, and others outside of the company. Courses in financial accounting cover the generally accepted accounting principles which must be followed when reporting the results of a corporation's past transactions on its balance sheet, income statement, statement of cash flows, and statement of changes in stockholders' equity

Managerial accounting has its focus on providing information within the company so that its management can operate the company more effectively.  Managerial accounting and cost accounting also provide instructions on computing the cost of products at a manufacturing enterprise. These costs will then be used in the external financial statements. In addition to cost systems for manufacturers, courses in managerial accounting will include topics such as cost behavior, break-even point, profit planning, operational budgeting, capital budgeting, relevant costs for decision making, activity based costing, and standard costing.