Differences Between Financial Accounting and Managerial Accounting
This article explains, in simple and accessible terms, the similarities between financial accounting and managerial accounting, along with the five key features that set them apart.
Both financial accounting and managerial accounting deal with the same economic events of a company. The difference lies in the purpose they serve and the perspective they take. Determining the unit cost of manufacturing a product, for example, falls within managerial accounting, whereas reporting the total cost of goods manufactured and sold belongs to financial accounting.
Both fields are also subject to the same fundamental requirement: a company's economic events must be quantified in monetary terms and communicated to interested parties. The aim is to measure information and present it to users in a form they can understand.
Who Uses the Reports
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