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How does managerial accounting differ from financial accounting? Please focus on the following elements: 1- Past...

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Accounting

How does managerial accounting differ from financial accounting?Please focus on the following elements: 1- Past versus Present 2-Precision versus Timeliness 3- Requirement to follow GAAP/IFRS

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A common question is to explain the differences between financial accounting and managerial accounting since each one involves a distinctly different career path In general financial accounting refers to the aggregation of accounting information into financial statements while managerial accounting refers to the internal processes used to account for business transactions Accounting refers to the process of recording classifying and summarizing in monetary    See Answer
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