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Financial accounting definition

Accounting Tools

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is Financial Accounting? Financial accounting is the practice of recording and aggregating financial transactions into financial statements.

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Management accounting definition

Accounting Tools

Related Courses Capital Budgeting New Controller Guidebook Project Accounting What is Management Accounting? Management accounting is a branch of accounting that focuses on the revenues and expenses of a business, as well as asset usage. Management accounting does not just result in variance reports.

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The difference between financial and managerial accounting

Accounting Tools

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook Most accounting tasks can be divided into financial accounting and managerial accounting. There are a number of differences between financial and managerial accounting, which are noted below.

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What is accountancy?

Accounting Tools

The information in the general ledger is used to derive financial statements , and may also be the source of some information used for internal management reports. Reporting The reporting aspects of accountancy are considerable, and so have been divided into smaller areas of specialization, which are noted below.

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Types of accounting functions

Accounting Tools

Related Courses Bookkeeping Guidebook CFO Guidebook New Controller Guidebook There are several types of functions fulfilled by the accounting department within a business. These accounting functions are noted below. They can also advise management in regard to the setting of prices.

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Types of accounting

Accounting Tools

Accountants tend to specialize in one of these fields, which leads to the different career tracks noted below. Financial Accounting Those in the financial accounting field are concerned with the aggregation of financial information into external reports.

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What is an accountant?

Accounting Tools

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook An accountant is a person who records business transactions on behalf of an organization, reports on company performance to management, and issues financial statements. Management reports are issued to the management team.