The American Accounting Association defines accounting as "the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information." Accountants record every financial transaction the business engages in and summarizes this information into various reports and analyses. Accounting can be broken into financial and managerial accounting. Can you explain the differences between the two?

Answer rating: 100% (QA)

Sure Id be glad to explain the differences between financial accounting and managerial accounting They are two distinct areas of accounting each servi... View the full answer