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…

Sample Finance Essay: How and to whom do the financial statements make firms accountable? (Demo)

Introduction International accounting policies and practices in financial reporting are adopted to create equilibrium within the global context. Public interest theory motivates regulatory bodies such as the International Accounting Standards Board (IASB). Financial reports are important to both shareholders and investors. The main objectives of financial reporting are to ‚Äúprovide information useful to potential investors…