Page 21 - F2 - MA Integrated Workbook STUDENT 2018-19
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Accounting for management
Financial and management accounting
The main role of financial accounting is to produce the statutory financial statements,
whereas management accountants provide any information needed by management.
Financial accounting Management accounting
Focus External Internal
Statutory At discretion of
Law
requirement management
Role Produce statutory Provide information
accounts for management
Governance Many rules and No rules or
regulations regulations
Cost accounting is a system for recording data and producing information about
costs for the products produced by an organisation and/or the services it provides. It
is also used to establish costs for particular activities or responsibility centres.
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