Differences between Financial and Management Accounting

Introduction Accounting as a discipline and practice is concerned with recording, estimating, organizing and summarizing financial and operational data (Garrison, Noreen & Brewer 2011, p. 34; Hilton & Platt 2011, p. 45). The financial information derived could be classified into financial accounting and managerial accounting. These two types of accounting have several aspects which distinguish…

Importance of Other Accounting Representations to Accountability

Introduction The function of accounting is not solely limited to the production of the basic financial statements of the organization. Aside from balance sheets, income statements, statements of cash flows and statements of retained earnings, other accounting representations include annual reports (World Finance 2013) and management representations which support the basis for audits (Public Company…