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About this document
- Pages
- 1 page
- Price
- $1 one-time, yours to keep
- Membership
- Included in every plan
- Format
- Subject
- Accounting
- Module
- Week 1
This document compares managerial and financial accounting, their users, and the role of CPAs. It is for Week 1 of an accounting course.
What's inside
- Users of accounting information
- Managerial vs financial accounting
- Role of the CPA
- Value of the accounting function
- Internal and external users
Who it is for: Students taking an accounting course. (Undergraduate)
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Summary
Managerial and financial accounting serve different purposes and users. Students learn about the distinctions between the two and the roles of accountants.
Users of accounting information
Internal users work within the company. External users work outside the company.
Managerial and financial accounting
Managerial accounting is for internal use. Financial accounting is for external use. Managerial accounting reports can be made for any time period. Financial accounting reports are for set periods.
Role of the CPA
CPAs do basic business record-keeping, auditing and consulting. They can advise on saving money and developing financial plans.
Value of the accounting function
Accountants measure cash flow and approve purchases. They are important to a company's internal and external operations.
Key terms
- Internal users
- People within the company who use accounting information.
- External users
- People outside the company who use accounting information.
- CPA
- Certified Public Accountant, a licensed accountant.
- Cash flow
- The movement of money into and out of a business.
- Consultant
- Someone who gives expert advice to a company.
- Financial plans
- Plans for managing a company's money.
Questions this document helps with
- Who uses managerial accounting information?
- What are the main differences between managerial and financial accounting?
- What does a CPA do for a company?
Summary written with AI from the document's text.
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