Financial accounting is non-dynamic, backward looking, conservative, as objective as possible, and subject to statutory and other
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‘Financial accounting is non-dynamic, backward looking, conservative, as objective as possible, and subject to statutory and other regulation. Management accounting is future oriented, is dynamic, produces forward looking figures, should not be too concerned with objectivity, and is not generally subject to external regulation.’ (Prof. Michael Bromwich) Justify this statement, giving examples to illustrate your answer.
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Professor Michael Bromwichs statement highlights the key differences between financial accounting and management accounting Lets break down each part of the statement and provide examples to justify i...View the full answer
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Related Book For
Frank Woods Business Accounting Volume 2
ISBN: 9780273693109
10th Edition
Authors: Frank Wood, Alan Sangster
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