Question

Q.1.   Managerial accounting emphasizes decision affecting the future relevance, timeliness and segment reports, whereas financial accounting stresses financial consequences of past activities, precision, objectivity and verifiability, being a student of managerial accounting course you are required to explain how managerial accounting differs from financial accounting.                                              

Answer 1

                   Difference between Financial and Managerial Accounting

Basis	Financial Accounting	Managerial Accounting
Reporting focus	Creation of Financial Statements	Creation of Operational reports
Valuation	Proper Valuation of Assets and Liabilities	Not concerned
Objective	Financial Information to users	Decision Making and Planning to Managerial Persons
Users	Internals and Externals of the company	Only Internals of the company
Audit	Must be audited by Statutory Auditor	No such compliance is required
Content	Monetary terms	Monetary and Non-monetary terms

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