Accounting › Section P · Managerial accounting and cost behavior › Topic P.1
Managerial versus financial accounting
Annual financial statements tell outsiders how a business did, but managers have to decide what to do next week. This topic shows how managerial accounting supports the three core jobs of management and sets out, point by point, how it differs from financial accounting.
In this topic
- From the annual report to the shop floor
- Planning: deciding where to go
- Controlling: keeping the plan on track
- Evaluating: did it work?
- Worked example: one goal through the cycle
- How the branches differ: users, reports, timing
- How the branches differ: purpose, focus, nature, checks
- Worked example: two views of one year
- Common mistakes to avoid
- Key takeaways
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