Introduction Flashcards
1
Q
What is the difference between financial accounting (FA) and management accounting (MA)?
A
FA: Reporting to EXTERNAL stakeholders
MA: Info used for INTERNAL reporting purposes
2
Q
Is MA only focused on future-oriented information?
A
No, it involves a combination of past & future (forecasts & budgets)
3
Q
What is the main aim of MA?
A
The timeous supply of relevant, appropriate, sufficient and quality info to enable management to make the best decision possible
