The article that I chose discussed the differences between financial and managerial accounting, as well as what they do. The article covered the rules and regulations of theses two types of accounting based on the GAAP that were established by the FASB. Financial accounting involves the preparation of a business's financial statements, mainly for users outside the business. Owners, and potential owners of a business use the reports generated. The people who have loaned the …showed first 75 words of 790 total…

…showed last 75 words of 790 total…managerial accounting both are very important aspects of the business world. Most companies have some form of each type of accounting incorporated into their business operations. By following the appropriate standards for each, the company will be able to successfully keep track of their financial standing for internal as well as external purposes. References Horngreen C. T., Stratton, W. O., & Sundem, G. L. (2002). Introduction to Management Accounting (12th ed.). Prentice Hall: New Jersey.