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Finance & Accounting
Pages 7 (1757 words)
Accounting for Managers Student’s Name Institutional Affiliation Accounting for Managers A. Required Questions: 1. Differentiate among each of the following types of accounting—financial, managerial, cost, public, internal auditing, governmental or not-for-profit accounting (fund accounting), tax and international…
These financial statements are to be prepared using a predefined set of standards and guidelines, widely known as the Generally Accepted Accounting Principles (GAAP) (Types of Accounting, 2013). Managerial accounting is an accounting process that reportedly produces information for the sole us of management of the organization. The form and the details to be included in the reportorial information would depend on the intricate and extensive requirements and purpose of management. It was actually disclosed that the information could be more detailed, as compared to financial accounting statements which were identified to be prepared exclusively for external uses. Thus, management could require budgets, forecasts, and financial highlights that would be used to make decisions regarding strategies and plans that would achieve identified goals. Cost accounting was noted to be a branch of managerial that focuses on monitoring and controlling costs. Tax accounting, on the other hand, as the term implies, focuses on accounting facets which are tax-related and are reportedly governed by tax rules and regulations, as well as observance to the GAAP. Governmental accounting, or also known as public accounting (or even fund accounting) was noted to be a type of accounting process and information system that is used by government agencies or public organizations. ...
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