Management Accounting and Financial Accounting

The book discusses the basic concepts and techniques of financial accounting in a student-friendly manner. Beginning with the fundamentals of accounting, the book next discusses the recognition of transactions. Management accountants are valued business partners, directly supporting an organization's strategic goals. With a renewed emphasis on good internal controls and sound financial reporting, the role of the management accountant is more important than ever. It obviously takes more people to "do" the work than it does to "check" the work. In fact, of the five million finance function professionals in the U.S., more than 90% work inside organizations as management accountants and finance professionals. Financial accounting deals with reporting information that pertains to the financial position, performance, and conduct of a firm for a given period to a set of users and the market in general. Management accounting is more oriented toward internal decision making and purposively channels relevant and timely information to internal managers. Both are production processes of different accounting data for different problem-solving situations. This study delves into the advancement of financial, cost and management accounting contemplation under a matching wrapper.