Financial and Management Accounting

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
I am currently trying to cover the gaps in my portfolio, what a nightmare! The one thing I just cant seem to find any information on is an explaination and inspiration for the unit 4 item The relationship between Financial and management accounting, can any one give me a definition or suggested reading?<BR>Ta everso<BR>Tru<BR>

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Financial and Management Accounting

    Financial accounting tends to concentrate on reporting historic information ie Annual Accounts, P&L/Balance sheet info.<BR><BR>Where as management accounting is more to do with looking forward and planning/forecasting costs and potential profit etc.<BR><BR>Hope this helps.<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Financial and Management Accounting

    Thanks for that, if any one else has any more info that would be grand.<BR><BR>Ta<BR><BR>Tru<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Financial and Management Accounting

    Financial accounting has to be done in a prescribed way but management accounting can be done in whatever way is required. Financial accounts are usually published (for companies) but no one outside the company needs to see management accounts. FA are requred by law, MA are required by management and help decision making.<BR><BR>Annette

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