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This report encompasses the differences in accounting responsibilities of a Financial Accountant compared to a Management Accountant, and validates the need for an additional resource in the firm. It specifies the current workload being addressed by the Financial Accountant and…
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Download file to see previous pages... Particularly focusing on the financial monitoring aspect of the company, Creative Ltd. requires additional accounting resources to ensure an optimum level of efficiency and transparency in its financial reporting activities.
Accounting is the monitoring and controlling of all financial transactions that take place, or are liable to take place, and it provides a transparent view of where the company stands financially at any given point in time. However within itself, we can classify it into two major segments (1) Financial, and (2) Managerial. They are discernible as follows:
remains balanced. These activities include recording financial transactions, posting the double entries to general ledger, maintaining and adjusting general ledgers, closing the books and preparing financial statements. Managerial Accounting is more about monitoring financial performance, conducting variance analysis, following through with revised targets. It also encompasses the forecasting of sales, revenues, costs, budgeting activities of the firm etc.
Financial Accountancy is conducted for external stakeholders of the company such as investors, Stockholders, Debt Providers, Regulatory Bodies etc. whereas Managerial Accountancy is executed for decision making within the firm and the information is mostly employed by middle and upper level management of the company.
Financial Accounting is solely based on the past performance of the company, while Managerial Accounting focuses on the current predicaments and the possible future outcomes based on the previous performance of the company. (Diffen Online)
Financial Accountancy requires that the data be completely objective and verifiable, whereas in the case of Managerial Accountancy, the data need not be completely objective or verifiable. This is because financial accountancy is primarily an overview of how the company has performed, thus it must be backed by accurate and concrete figures. However, ...Download file to see next pagesRead More
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