Question

Let us explore the differences between financial and managerialaccounting. Financial accounting is rule-oriented, since theinformation is used to communicate with third parties. Managerialaccounting, on the other hand, is for internal use. Anything goesas long as the information is a valuable tool for decision-makingpurposes, and the benefit of the information exceeds the cost ofaccumulating and analyzing it.

References:

Accounting for Management. (n.d.). Difference Between Financialand Managerial Accounting.

Principlesofaccounting.com. (n.d.). Chapter 17 Multiple ChoiceQuestions.

Required:

Below are some questions for discussion.

How is the purpose of managerial accounting different fromfinancial accounting?

Are more accountants involved in the financial or managerialfunction today?

Comment on the use of a variable costing approach vs. absorptionincome statement. Describe the differences in the presentation anduse of each type of income statement.

How is the concept of "cost of goods sold" different from"contribution margin"?

Explain the contribution margin concept/computation and when touse the information.

Choose one or two topics for further investigation and shareyour knowledge with the class. Provide factual information (notmerely opinions) backed up by current news, examples, or otherinteresting details. Your comments should be in your own words andinclude references in APA format, if applicable