Get fast, custom help from our academic experts, any time of day.
Place your order now for a similar assignment and have exceptional work written by our team of experts.
Secure Original On Schedule
Management Accounting Financial accounting and managerial accounting are subdivisions of accounting and play an essential role within an organization. Discuss the major differences between managerial and financial accounting then apply your understanding to the following 4 scenarios. Discuss if these are managerial accounting or financial accounting and why. 1. A company is looking to increase its gross profit by reducing costs for the upcoming periods. To further investigate, the production manager pulls reports that detail costs in the previous year. After discussions with the purchasing manager, he creates a budget based on assumptions and estimates. 2. An investor researching profitable companies pulls quarterly reports of various corporations. The reports are prepared according to GAAP with objective information and focus on the business as a whole. Are the reports prepared using managerial or financial accounting? 3. To fund its expansion in the upcoming year, Deacon Corporation negotiates a $4,000,000 loan with a local bank. The bank requires financial statements to ensure the company’s ability to pay interest and repay the principal. Would Deacon Corporation use managerial or financial accounting to create the reports for the bank? 4. During an audit, an agent looks at the company’s financial statements to verify that the same accounting practices were used in the tax return for a certain expense. Would the financial statements used by the agent be prepared using managerial or financial accounting? • Directions: Do not address the questions using a question-and-answer format. Add headlines to the main topics. • Discuss the concepts, principles, and theories from your textbook. Cite your textbooks and cite any other sources if appropriate. My textbook is Managerial Accounting by carl s warren and William B.Tayler• initial post should address all components of the question with 600 -700 words without reference or cover pages • reference should be APA style 7th edition • Write between 7-10 references including my textbook • Free of plagiarism and AI Content Use in text citation
Get fast, custom help from our academic experts, any time of day.
Secure Original On Schedule