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Pla
nn
ing
&
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n
i
ct
e
r
i
g
D
n
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r
Decision
ito
n
o
Making M
Controlling
FINANCIAL
ACCOUNTING
MANAGERIAL
ACCOUNTING
FINANCIAL
ACCOUNTING
MANAGERIAL
ACCOUNTING
Content of Reports
Pertains to entity as a whole
Pertains to subunits of the
and is highly aggregated
entity and may be very
(condensed).
detailed.
Limited to double-entry
May extend beyond doubleaccounting system and cost
entry accounting system to
data.
any type of relevant data.
Reporting standard is generally Reporting standard is relevance
accepted accounting
to the decision to be made.
principles.
Verification Process
Annual independent audit by
No independent audits.
certified public accountant.