Financial accounting is found when draw up financial statements used as a end of term form of accounting like when a person gets their bank statement or balance sheets. Managerial accounting is more real time accounting see what is done by each transaction. Like with restaurants having to keep up to date books each day showing what was sold and what ingredients may be needed to be purchased for the next day or wee. For my current job I have to use a mixture of both. With it being end of fiscal year every transaction is being monitored to make sure all money will be spent before the end of the year. Then with information for the total year the budget will be made for next year with preset guidance of how each month should look for general services.

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Answer As you said the company need to prepare statements showing as much as Informati... View the full answer