There are two broad categories in accounting, financial accounting and managerial accounting. They differ in the type of user of the information presented. Financial accounting is concerned with preparing financial statements for external decision makers, such as stockholders and creditors. Managerial accounting presents information for internal decision making my managers. Financial accounting involves record keeping. A major objective is the preparation of financial statements. These statements include the balance sheet, statement of cash flows, income …
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…and scope- From a managerial view. Management Accounting. Sept. 1988. Comparison of Financial and Management Accounting. (2005). Retrieved Oct. 30, 2005 from http://www.tutor2u.net/business/accounts/financial_management_accounting_comparison.htm Haywood, Elizabeth, and Donald Wygal. (2004). Corporate Greed vs. IMA's Ethics Code. Strategic Finance. Nov. 2004. Introduction to Financial Accounts. (2005). Retrieved Oct. 30, 2005 from http://www.tutor2u.net/business/accounts/financial_accounts.htm Managerial Accounting. (2005). Retrieved Oct. 26, 2005 from http://www.pharmacy.wsu.edu/courses/PharP581/r28.htm