ACCT 2101 Study Guide - Midterm Guide: Management Accounting, Financial Statement, Financial Accounting

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The primary goal of accounting is to provide useful information for decision making. The key difference between financial accounting and managerial accounting is: the intended user of the information. Financial accounting- is aimed at external users, or parties outside the organization such as: Managerial accounting- is aimed at internal users, such as: business owners, managers and employees. Financial: user- external, type of reports- financial statements and quarterly and annual reports, reason- general, contents- aggregated and in accordance with gaap, verification- audited. Although financial statements provide valuable information to external stakeholders, they are. Regradless of the type and size of the organization they manager, all managers perform the same basic functions: planning/organizing- the future-orineted aspect of the management process. If not, managers may need to take corrective action to get back on track. What is the center of these managerial functions: decision making. Is to provide managers with the information they need to plan/organize, direct/lead, and control the business.

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