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Financial vs Managerial Accounting PART II - Assignment Example

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Most importantly, I developed the understanding and need for companies to clearly identify the difference between managerial accounting and financial accounting, as each of these play different roles for the…
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Financial vs Managerial Accounting PART II
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Download file to see previous pages tlook to carry out such things as acquisitions, which bring financial gains, they seem to focus more on financial accounting than managerial accounting. Most certainly, when such a situation continues, companies cannot make the most out of their accounting. This is because it is important to synchronize the internal principles with the external ones. Again, it is when there is effective internal usage of information that there can be adequate balance on external output in the form of financial accounting (Zimmerman, 2014).
I find the idea that you differentiate financial accounting from managerial accounting very useful and insightful. This is because it is only under such situations that the companies can know how to appropriately apportion its resources to handle the internal and external usage of accounting information (Zimmerman, 2014). Again, it is when the company has a clear understanding of the difference between its financial and managerial accounting outcomes that the right strategies can be put in place to cater for each of these variables. However, I feel you underestimated the importance of managerial accounting when you stressed that inaccurate accounting is only disastrous with financial accounting. This is because where there is inaccurate managerial accounting companies are likely to make a lot of mistakes that could go a long way to affect financial accounting. An example of this situation can be given with my company when out of inaccurate managerial accounting, the company took a financial decision to go into a merger, only for the process to go through and land the company in huge financial ...Download file to see next pagesRead More
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