Question

Managerial accounting is different from financial accounting in that:

Answer 1

Managerial Accounting is different from Financial Accounting in that c. Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions.

The differences between Managerial Accounting and Financial Accounting do not arise because of Managerial accounting:

• Focuses on the organization while financial accounting focuses on projects, etc.
• Never includes non-monetary information; it includes non-monetary information than financial accounting
• Used by investors, while financial accounting is used by creditors
• Structured and controlled by GAAP.

Thus, the difference between the two is that Financial accounting is structured and controlled by GAAP and used by investors and creditors.  Managerial accounting is not structured by GAAP and is used by management in decision-making.

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