Managerial Accounting (15th Edition)

Published by McGraw-Hill Education
ISBN 10: 007802563X
ISBN 13: 978-0-07802-563-1

Chapter 1 - Managerial Accounting: An Overview - Questions: 1-1

Answer

Managerial accounting deals with internal and specific aspects of a business, whereas financial accounting deals with macro accounting information from the business as a whole.

Work Step by Step

More specifically, managerial accounting refers to internal processes used to account for business transactions, whereas financial accounting refers to the aggregation of accounting information into distinct financial statements.
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