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Essay / Research Paper Abstract
This 5 page paper discusses the difference between financial and managerial accounting and the types of reports prepared by financial and managerial accountants; the types of business decisions that might be made using the two types of accounting; and it outlines the Institute of Management Accountants (IMA) ethical standards and describes what sort of actions might constitute violations of these standards in the healthcare setting. Bibliography lists 3 sources.
Page Count:
5 pages (~225 words per page)
File: D0_HVFinMan.rtf
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and the types of reports prepared by financial and managerial accountants; it discusses the types of business decisions that might be made using the two types of accounting; and it
outlines the Institute of Management Accountants (IMA) ethical standards and describes what sort of actions might constitute violations of these standards in the healthcare setting. Differences between Accounting Types Managerial
accounting can be defined as the process of "identifying, measuring, analyzing, interpreting, and communicating information for the pursuit of an organizations goals" (Managerial accounting, 2006). This is also known as
"cost accounting" (Managerial accounting, 2006). There is one "key difference between managerial and financial accounting," and that is that "managerial accounting information is aimed at helping managers within the organization
make decisions" while financial accounting is "aimed at providing information to parties outside the organization" (Managerial accounting, 2006). Reports Prepared by Financial and Managerial Accountants Financial accounting reports go to
outside parties; they are historical in nature and relate to the company as a whole (Managerial accounting - an introduction). In addition, financial accounting reports are filed annually and quarterly,
and "must follow GAAP" (generally accepted accounting practice) (Managerial accounting-an introduction). Managerial accounting reports, however, are much less formal. They are developed for company managers, and as such relate to
the companys present and future performance, rather than past history (Managerial accounting - an introduction). They relate only to parts of the company rather than the organization as a whole,
and they are developed as needed, not on a specific schedule (Managerial accounting - an introduction). Finally, they do not have to follow GAAP (Managerial accounting - an introduction). Business
Decisions-How the Reports are Used The definition of the two types of accounting tells us exactly how theyre used. With regard to managerial accounting, lets assume that a company needs
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