Differentiate Financial accounting and managerial accounting.

Financial accounting and managerial accounting are different. Namely, financial accounting refers to reports that are prepared for review by individuals outside the organization, like investors and creditors. Managerial accounting refers to reports that are generated for internal use by organizational decision makers.

To prepare for this Discussion, “Shared Practice: Financial vs. Managerial Accounting,” take a moment to think about the implications of these two kinds of accounting