1. Financial Accounting ????
Financial accounting focuses on providing information to external users like investors, creditors, regulatory bodies, and the public. Accounting... more1. Financial Accounting ????
Financial accounting focuses on providing information to external users like investors, creditors, regulatory bodies, and the public. Accounting Services in Cincinnati. Its main goal is to prepare general-purpose financial statements that accurately report the company's financial performance and position over a specific period.
Key Function: Recording, summarizing, and reporting financial transactions according to a standardized set of rules, typically Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).
Outputs: The main outputs are the Balance Sheet, Income Statement, and Cash Flow Statement.
Focus: It is historically oriented, looking at past performance to ensure transparency and accountability to outside parties.
2. Managerial (or Management) Accounting ????
Managerial accounting is designed to provide information specifically for a company's internal users, such as managers and executives, to aid in planning,... less
