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Financial Accounting, Management Accounting, and Finance

What are financial accounting, management accounting, and finance? How are they similar and different?

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Financial accounting is an external accounting function. It gives information to creditors, investors, government agencies and the general public. Finanncial accounting is not concerned with the internal management of the company.

Management accounting is an internal accounting function. It gives ...

Solution Summary

The problem deals with discussing the similarities and differences between managerial and financial accounting.