Managerial And Financial Accounting Essays

Managerial And Financial Accounting Essays-77
This would then take wages and salaries out of liabilities and replace them with debt. Also, in order to improve my career, I would have to be in a position wherein I would have the responsibility as well as the capability to......

Whenever the cost reports are made after the project has been finalized one can get a better insight of the maximum costs and the profit expected from the project. The management accountants are the strategic partner responsible in providing decision related to the operational and financial information.Such reports comprise of cost reports, Performance reports, budget reports, business opportunity reports and order reports.These types of reports have various uses in decision making process.The reports presented in this memo comprise of product cost reports, budget reports, performance report, order information report and the business opportunity report.Differences between Managerial and Financial Accounting Given the fact that one of the duties of a manager is to plan; then it stipulates that management accounting has a solid emphasis on the future.Both management and financial accounting serve their purposes for the benefit of an organization.As on one hand financial accounting is extremely helpful in the appropriate classification and record keeping of numerous financial transactions of any organization, on the other hand management accounting supports the internalities of any organization such as analyzing performance, taking accurate managing decisions, outlining the policies etc.On the other hand management accounting information system must be adequately elastic to give any kind of information that is appropriate for any specific decision (Teale, 2003).Managerial Reports and Usefulness in Decision Making There are various managerial reports which are used in making important decisions in business.In this perspective, the future might not be a replication of the transactions that took place previously.Modifications are regularly taking place in the fiscal conditions thus the modifications call for planning which is based to a large extent on estimates of the transactions that will take place as opposed to the summaries of the transactions that have already taken place (Needles, Powers & Crosson, 2010).

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