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Tutorial 1 - Suggested Solution

Management accounting provides information for internal decision-making, while financial accounting is concerned with external reporting according to accepted principles. Users of financial accounting include investors, customers, competitors, employees, government, community, analysts, suppliers, lenders, and managers.

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11 views1 page

Tutorial 1 - Suggested Solution

Management accounting provides information for internal decision-making, while financial accounting is concerned with external reporting according to accepted principles. Users of financial accounting include investors, customers, competitors, employees, government, community, analysts, suppliers, lenders, and managers.

Uploaded by

kingnickplayz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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FA1 - Tutorial 1 - Solution

Q1. Distinguish between management accounting and financial accounting.

Management accounting measures and reports financial as well as other types of


information that may be useful to managers in fulfilling the goals of the organisation.

Financial accounting focuses on external reporting that is guided by generally accepted


accounting principles.

Q2. Who are the users of financial accounting?


Investors, customers, competitors, employees, government, community, analysts, suppliers,
lenders and managers

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