Discussion: Shared Practice: Financial vs. Managerial Accounting

Financial accounting and managerial accounting are different. Namely, financial accounting refers to reports that are prepared for review by individuals outside the organization, like investors and creditors. Managerial accounting refers to reports that are generated for internal use by organizational decision makers.

To prepare for this Discussion, "Shared Practice: Financial vs. Managerial Accounting," take a moment to think about the implications of these two kinds of accounting.

Post by Day 7, the following:

• Describe one or two examples of decisions that could be made using the information provided by financial accounting. Provide specific examples and explain how decisions are improved when the information is used accurately. Then, explain the risks of not having the information when making such decisions. Your examples should be real world, specific situations from your experience, observations, and research.

• Describe one or two examples of decisions that could be made using the information provided by managerial accounting. Provide specific examples and explain how decisions are improved when the information is used accurately. Then, explain the risks of not having the information when making such decisions. Your examples should be real world, specific situations from your experience, observations, and research.

Before making your post, review the examples provided by your colleagues and your Instructor and write about decisions that have not yet been mentioned.

Discussion, "Shared Practice: Financial vs. Managerial Accounting," where you and your colleagues described the types of decisions that could be made using financial and managerial accounting.

Post by Day 3, the following:

• Provide insights or contrasting observations regarding financial and managerial accounting that you gained from reading their posts.

• Offer other examples, based on your experience or research, of when such accounting data was effectively used or when decisions were made without it and explain the results.

• Describe trends you observe from the posts of your colleagues and why those are important.