What is the difference between financial and managerial accounting? Why do you think both are important in accounting?  scenario (real life or make up) where you had to apply either financial or managerial accounting or both forms of accounting. Did you find it useful or not? Why or why not? Incorporate GAAP in your scenario as well. Do you think using GAAP was beneficial or not? Explain whether it was or wasn't.

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Financial Accounting focuses on summarizing reporting and analyzing a companys financial transactions and performance to external stakeholders like in... View the full answer