Role of the Financial and Management Accountant

Question 1

What are some roles of the financial accountant?

Answer 1

Keeps accurate records of the daily financial transactions of the firm.

Checks the financial records the maintain accuracy and reduce fraud.

Prepares periodic financial statements to show profit/loss, statement of financial position etc.

Carries out taxation calculations.

Question 2

What are the roles of the management accountant?

Answer 2

Prepares cash budgets, break even statements. charts etc.

Accountable for the planning and control of production.

Provides management with information to enable decision making e.g. which products should take priority for production if resources are scarce.

Provides management with data for internal use.