management accounting Flashcards
financial accounting
attributes
relevant, timely, objective, comparable, faithfully represented
financial accounting
problems
- time lag
- not suitable for all users
management accounting users
internal management
financial accounting users
external shareholders
management accounting format
no format
financial accounting format
income statement, cash flow statement, SOFPP
financial accounting frequency
annually
management accounting time focus
past/present/future
financial accounting time focus
past
management accounting regulation
unregulated
financial accounting regulation
Companies Act 2006 & International FinancialReporting Standards
management accounting coverage
micro level (e.g debt)
financial accounting coverage
macro level (whole organisation)
management accounting emphasis
speed
financial accounting emphasis
accuracy
