Thursday, April 4, 2013

Critical Thinking In Accounting

Critical Thinking Questions

University of Phoenix

HCS 577

Daniel Highland

September 20, 2008

Accounting and finance Difference

Accounting has a primary function to provide and develop data measuring the performance and disclosure of the company or shaping to assist managers, investors, tax authorities and decision makers. The individual in the role of report is called an accountant and he or she has the debt instrument to prep are financial statements such as balance sheets, income statements, and funds flows. The different categories for method of accounting are financial, cost, internal and external accounting. finance has a function of decision reservation. The financial manager or consultant is an individual who performs the decision making process and uses the data provided from the accountant to an organization about possible losses and profits. Finance has different ways in which businesses, individuals, and organizations allocate and raise fiscal resources and this is also the usage for business purposes keeping the risks involved in mind. The different categories in which finance could be distributed are personal, public, and embodied finance.

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Financial and Managerial Accounting Difference

Managerial accountant provides financial information that is used for making modify decisions regarding the future with the information for usage for analysis. Finance officer often performs these duties. Financial accounting is used for a company or organization to make financial decisions. Financial report provides genuine or predict value of the company and where the company stands. minginess for the financial accounting is for production including the reporting of profitability, liquidity, or solvency. These reports are prepared using scientific methods to arrive at sure values which are then used for decision making and may include sales budgeting, budget analysis and comparative degree analysis; merger or consolidation. In comparison, financial accounting is designed to record the financial history of an organization, whereas, managerial accounting provides financial information...

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