# Phase 1 Discussion Board

In:

Submitted By twinmom092111
Words 1032
Pages 5
To : Susan Thompson, Managerial Accountant Assistant

From: Danielle Wright Breckenridge,

Date: January 8, 2015

Subject: Similarities and differences between financial and managerial accounting

Hello Susan, I wanted to start by saying welcome aboard. We are glad to have you as a part of the team hear at EEC and I am sure with your experience and accounting background you are going to be a perfect fit. I do understand that you have spend most of your career working in a financial accounting office preparing journal entries, and you have a great understanding of financial accounting however you have no experience with managerial accounting. I am providing this memo in hopes of giving you with an explanation of the similarities and differences between financial and managerial account, give an example of managerial accounting reports, show how management might use information to make decisions and show an example of the horizontal analyzes, vertical analyzes and ratio reports.

People may think that financial and managerial accounting is the same thing. On the surface, the actual number crunching of financial data contains a lot of similarities and both accounting types use much of the same data.

While it is true there are some similarities, there are also some distinct differences. By taking a closer look at both types of record keeping, these differences become a bit more apparent as they each serve their own function and purpose.

|Managerial Accounting |Financial Accounting |
|Internal Users (such as managers) are the primary users of the |External Users (such as creditors, stockholders, and government |
|information. |regulators) are the primary users of the

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