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Chaptter 1
Financial and mmanagement acccounting
The maain role of ffinancial accounting is to produuce the staatutory finaancial stateements,
whereaas manageement accoountants prrovide anyy informatioon needed by managgement.
Financcial accounting Maanagemennt accountting
Focuus
Law
Role
Goveernance
Cost acccounting iis a systemm for recordding data aand produccing informmation about
costs foor the prodducts produuced by ann organisattion and/orr the servicces it provides. It
is also used to esstablish cossts for partticular activvities or responsibility y centres.
Illuustratioons annd furrther ppracticce
Noww try TYU qquestions 33 and 4 from Chapterr 1
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