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Though we often think of the field of accounting as a single discipline, there are, in fact, several specialties that are practiced. These include financial accounting, managerial accounting, tax accounting, cost accounting, international accounting and social accounting, among others. Of these, the former two classes of accounting are the most common. This paper will explore the key differences between financial and managerial accounting and discuss some of the standards of ethical conduct placed on management accountants by governing authorities such as the Institute of management Accountants.

Financial accounting is concerned with the recording and reporting of economic data and activities affecting the money supply of a business. Though they contain also useful information for managers, owners, investors, creditors, and the government primarily uses these reports. According to the Illinois State Board of Education, this type of accounting centers on determining...

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Title: Financial Accounting Report
Approximate word count: 591
Approximate pages: 3 (250 words per double-spaced page)

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