The financial accounting classifies and records an entity’s transactions
normally in money terms ,in accordance with established
concepts ,principles,accounting standards and legal requirements.It aims to
present a true and fair view of the overall results of those trasactions.
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Management accounting has been described as a continous process of
analysis ,planning and control in the context of providing decision support
for decision makers .Management accounting is acting as a povider of
financial information to support these decisions.financial accounting
provides financial statements -pofit and loss account ,balance sheets and
flow statement which reveal the overall performance and position of the
enterprise.Management accountingreports emphasize on the details of
operational costs,inventories,product and jobs.it trace the impact of the
business transactions and events on cost,inventories,processes jobs and
products
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.financial accounting is neccessarily historical.It records and analysews
business events long after they have taken place .Management accounting
analysis the events as they take place and also anticipates such events for
the future.thus it uses data which generally has relevance to the
future.financial accounting has to be governed by the generally accepted
principles.
web development this is so because ,it has to cater for the informational
needs of the outsiders and legal provisions.Management accounting is free to
formulate its own rules,proceduresand forms becuase the information it
generates is solely for international consumption.financial accounting and
Management accounting both appear yo be similar in as much as both study
the impact of business transactions and events to the enterprise ,report and
interpret the results thereof.wap site both provide information for internal as
well as external use.Accounting rules are those rules of action or conduct
which are adopted by the accountants universally in recording accounting
transactions.The institute of charted accountants in Australia ,the American
institute of certified public accountants etc. have made recommendations on
accounting principles in recent years.they are judged on their general
acceptability to the users of financial statements.discounts delhi hence they
are called Generally accepted Accounting Principles(GAAP).
