Fundamentals of Accounting: Managerial verses Financial Accounting

Fundamentals of Accounting acct122 Fundamentals of Accounting: Managerial verses Financial Accounting
What has the organization in its focus; futuristic planning, financial control, and data based decision making affecting its reports and suggestions; and an emphasis on relevance and timeliness in its decision making (2012)? The answer to this question is managerial accounting. According to J. W. Jones (2013), a retired managerial accountant, her job and other positions with the title are responsible for reporting financial information to the company’s administration and parties outside of her organization such as stockholders or creditors; however, her focus was the internal accounting services and needs of the business’s management. Mrs. Jones confirms there is a difference between managerial and financial accounting. Her career choice was managerial accounting which specialized in helping gather and communicate the information needed to set the company’s long term objectives and goals for cost control, revenue strengths and weaknesses, and profit data statistics within in local departments, regional and often territorial plants. At times, Mrs. Jones found herself working with certain data regarding customer groups and how they would be affecting that business segment in the future. This differed from financial accounting in that the latter would handle the matter from a historical account of the numbers taking past records and data to make future goals relevant and this type of accounting is necessary for certain external report to comply with the generally accepted accounting principles, GAAP, guidelines and the international financial reporting standards, IFRS; whereas, the managerial accounting professionals do not need to follow GAAP or IFRS(J. W. Jones, personal