In the following chart, compare financial accounting and managerial accounting by describing how each differs for the items listed. Be specific in your responses.
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Financial Accounting |
Managerial Accounting |
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1. Nature of information |
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2. Flexibility of practice |
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3. Focus of information |
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4. Time dimension |
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5. Users and decision makers |
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6. Timeliness of information |
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7. Purpose of information |
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