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The main difference between managerial accounting and financial accounting is that financial accountants prepare information for external decision makers (stockholders, banks, government agencies) while managerial accountants prepare information for internal decision makers (managers). (Horngren, Sundem, and Stratton, 2005) Financial accounting has more constraints in their freedom of choice in accounting methods, due to regulations by GAAP (Generally Accepted Accounting Principles), than managerial accounting. Some of the responsibilities of financial accountants are:
1. General ledger A record of all a company's transactions.
2. Accounts receivable and payable-Amounts due and amounts owed.
3. Fixed-asset accounting- Assets such as land, buildings, equipment, etc. that are recorded in an account on the balance sheet.
4. Bank accounting
5. Cash journal accounting-Account used to show money owed by the company.
6. Inventory accounting-Account used to report......
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Title: Managerial Accounting
Approximate Word Count: 578
Approximate Pages: 3 (250 words per double-spaced page)
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