In a page, explain the similarities and differences between financial and managerial accounting.

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Accounting

In a page, explain the similarities and differences betweenfinancial and managerial accounting.

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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 There are a number of differences between financial and managerial accounting which fall into the following categories Aggregation Financial accounting reports on the results of an entire business Managerial accounting almost always reports at a more detailed level such as profits by product product line customer and geographic region See Answer

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