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Financial accounting has its focus on the Financial Statements which are distributed to stockholders, lenders, financial analysts, and others outside of the company.
Managerial accounting has its focus on providing information within the company so that its management can operate the company more effectively. Managerial accounting and Cost Accounting also provide instructions on computing the cost of products at a manufacturing enterprise.
Financial Managementrefers to the efficient and effective management of money (funds) in such a manner as to accomplish the objectives of the organization.
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In a very precise wording:
"Accounting Management" and Managerial Accounting" are both related to the extent that accounting is an important input in financial decision making. Still, they differ in the treatment of funds and with regards to decision making. Accounting involves into preparing and examining past financial records, Whereas, "Financial management" is maily involves into planning to achieve its various financial objectives and strategic plan.
Discuss the interplay of Cost Accounting vis a vis Management accounting and Financial Accounting in managerial decision making.
