The American Accounting Association defines accounting as "the process of identifying, measuring and communicating economic information to...

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Accounting

The American Accounting Association defines accounting as "theprocess of identifying, measuring and communicating economicinformation to permit informed judgments and decisions by users ofthe information." Accountants record every financial transactionthe business engages in and summarizes this information intovarious reports and analyses. Accounting can be broken intofinancial and managerial accounting. Can you explain thedifferences between the two?

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Solution The accounting is made for Management is called Management accounting which helps the mangers make decision Management accounting is take information from both financial and cost accounting financial accounting is used to analyse the financial position of the business Major differences of Financial and management accounting given below 1 Object a In financial accounting various transactions are See Answer

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