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Finance & Accounting
Pages 4 (1004 words)
[Name] [Course] [Professor] [Date] Management Accounting The wake of the 21st century brings with it more challenges than the long awaited relief amidst the corporate world. Even with the improvement and introduction of cutting edge technology, management issues still remain a hassle even with the best tools and the best brains in the trade.
However, with the right tools information and skills, a company is guaranteed to stay afloat in a world where businesses keep dropping out of the corporate world. How companies manage their finances and workforce dictates whether the company is bound to open its doors come the next financial year. One of the major concerns in management is the management of accounts which is usually handled a company’s accountants in conjunction with the management of the company. Management accounting specifically deals with generating information pertaining to a given company and basically relates on how to minimize costs while improving sales and boosting profits within the available company’s resources. In short this is information that helps the management to make crucial decisions. Financial accounting on the other hand deals with generating information based on information relayed by external users and mainly deals with control of cash inflow and outflow in the company. ...
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