Management and Financial Accounting Essay Example | Topics and Well Written Essays - 1500 words

Management and Financial Accounting - Essay Example The management account is a system of Accounting which deals with the information that is useful to the managers and employees with in the organization. Information of M A can be money or non money process. It helps in Management of plan, control and decision making process. It does not require any kind of legal requirement. In simpler words MA is useful in the assistance of planning, controlling, decision making and motivation. On the other hand financial accounting deals with the reporting of the official accounts on demand of the shareholder, government agencies and other parties external to the firm. FA deals with the accounts, records and the performance of the firm over a considered period. FA is limited to some companies and FA must be prepared by law. They are to be produced every year. FA mostly deals with money. It should operate with in the framework determined by law and IASS. FA represents the historic picture of the past operations. Preparing of these accounts gave birt h to the some other standard boards under the authorities of the previous standard boards and the government authorities and the main aim of such standard boards is to build up a firm in which such standards are introduced which are useful all over the world and their principle is to from such standards which are useful all over the world and useful for education and, implementing in the calculation of accounts in the multi nationals. And they hope and try their best to create an international standard so compatible that no other firm can be compared with it.