Charles Maxwell is starting a cheesecake bakery, Able Baker Charlie Company, to produce and sell different flavoured cheesecakes to restaurants and the general public. He has just begun his study of accounting, and is a bit confused about the many types of reports he has read about and how they will help him run his business. He asks you to help him clarify what the differences between managerial accounting and financial accounting are. He’s also wondering how to set up his inventory, how to classify the costs of his business, and how to fill in some missing information.

Required:

Choose whether the characteristics on the Managerial vs. Financial panel are most often associated with managerial accounting or financial accounting.

Answer rating: 100% (QA)

Difference between managerial accounting and finance accounting Finance accounting and Managerial ac... View the full answer