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Financial Accounting Financial accounting involves the preparation of a businesss financial statements mainly for users outside the business These reports are used by owners potential owners of a business and by people who have loaned a company money Some government agencies that regulate business and the stock market require companies to submit financial statements to them Additionally stockholders suppliers and banks also benefit from the financial reports that are generated Horngreen Stratton Sundem p 5 Managerial Accounting Managerial accounting helps managers plan and control a companys operations Accountants prepare budgets to express managements goals in financial terms by identifying measuring accumulating analyzing interpreting and communicating information After a budget has been adopted performance reports compare actual results with the budget Cost accountants help management keep track of how much it costs a company to make the product or provide the service it sells Horngreen Stratton Sundem p 5 Rules and Regulations In financial accounting it is limited by a widely accepted set of rules standards and procedures for reporting financial information known as the generally accepted accounting principles GAAP as established by the Financial Accounting Standards Board FASB This standard requires that a company account for all of their assets or economic resources according to their historical cost Horngreen Stratton Sundem p 6 Managerial accounting does not require the implementation of the rules and procedures of the GAAP Management of an organization can create any type of internal accounting system that will work best for their company However they need to be aware of the costs that the implementation of such a system Horngreen Stratton Sundem p 6 They also need to take into account the information that needs to be kept More than one set of records is usually the norm Both financial and managerial accounting must abide by the Foreign Corrupt Practices Act This act is a US law forbidding bribery and other corrupt practices
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