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Categories >> Accounting >> Accounting General
 
 


 

 
 Audit interview questions  Audit Interview Questions (422)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (157)
 Taxation interview questions  Taxation Interview Questions (1893)
 Accounting General interview questions  Accounting General Interview Questions (2781)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4351)
Question
DIFFERENCES BETWEEN MANAGEMENT ACCONTING AND FINACIAL 
ACCOUNTIG
 Question Submitted By :: Manjunath
I also faced this Question!!     Rank Answer Posted By  
 
  Re: DIFFERENCES BETWEEN MANAGEMENT ACCONTING AND FINACIAL ACCOUNTIG
Answer
# 1
Financial accounting is the collection, recording,
classification and proper presentation of financial
information or date in such a way that all external agencies
such as income tax authorities, government, shareholders,
creditors of a company can understand it easily. From the
data presented by financial accounting, these external
agencies can easily understand what exactly is going on in a
company. They can know the financial strengths and
weaknesses of a firm by the financial data presented through
the process of financial accounting. Managerial accounting
is related to the accounting work done for the better
understanding of facts for the management of the company.
Management accounting is not done for any outside party, but
only for the company management to know where they should
give more attention to post better financial results.

Another difference between these two types of accounting is
that financial accounting is mandatory whereas management
accounting is optional.
 
Is This Answer Correct ?    13 Yes 2 No
Ameet Narayankhedkar
 

 
 
 
Other Accounting General Interview Questions
 
  Question Asked @ Answers
 
what is the mean of amountisation   1
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If ABC security service provider monthly bill for the month of Jan is Rs.2,00,000/- including TDS 2% and Service Tax 12%, Edu.Cess 2% and SHE Cess 1% what is the journal entry. ABC 2
usualy what they are expecting source of knowledge while in interview MAHINDRA 1
I have recieved a payment from hmrc on Friday morning and by the afternoon it was removed from my bank account by contra entry what does this mean? Will I recieve the money? ME 2
what is the difference between profit and revenue?   5
if Cheque bounced who issued to us and we posted to clear the check in bank, but returned, what entry can be made in tally(single entry system)   1
hai , please explain wherther output tax a/c comes under duties & taxes or indirect expenses?   1
WHAT WILL BE JOURNAL ENTRY OF COST OF GOODS SOLD. Ernst-Young 20
Kindly define necessary ledger is to maintain in excise. Kindly define how we maintain P.L.A   1
in reply of sreedapa answer ,suppose for the m/o march telephone expense is Rs.800 and for the m/o april Rs.200 For this we will pass tthis entry : Telephone expenses Dr 800 To Tel expenses payable 800 Telephone Expenses Payable Dr 800 to Bank/cash 800 (For the m/o march) And for the m/o april, we will make the provision in the m/o March Telephone expenses Dr. 200 To Telephone Expenses Payable 200 Plz advice   1
What is the difference between P&L account and Balance Income & Expenditure account ??   3
 
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