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5 Cards in this Set
- Front
- Back
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Departments of an organisation within finance |
Operations sales and marketing HR IT Finance Management accounting Financial reporting TREASURY Internal AUDIT |
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Financial reporting |
Is concerned with financial information for external users in accordance with standards and regulations 1. Statement of profit and loss 2. Statement of financial position assets liabilities shareholder steak equity. 3. Statement of cash flows cash in receipts cash out payments |
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General formulas in financial reporting |
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Management accounting |
Is concerned with helping internal users with their decision making performance management planning and control activities such as cost schedules budgets and varience analysis |
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Key differences between financial reporting and management accounting |
Management accounting is internal no legal requirement no set structure historic and forward-looking information financial and non-financial information |
