What is the Difference Between Financial and Management Accounting - Accounting and Finance Assignment Help

Assignment Task:

Task:

Prep Questions Discussion 3. What is the difference between financial and management accounting Financial accounting is periodic information for users outside the company’s scope while management accounting is internal data for users within the company

7. Do all users of financial accounting have the same information needs? Why or why not? Not all users require the same information as they have different objectives and considerations to make. E.g. The need of bank determining a company’s level of risk and a shareholders assessment of the same company’s profitability would require different sets of information

14. What are the three key financial statements, and what relevant information do they provide to users of accounting reports?

Balance sheet - shows the assets, liabilities and owners’ equity size of the company Income statement - shows the profits and expenses to determine profitability of company Statement of cash flow - shows sources and uses of cash over a period. Entries are split into operating, investing, financial flows of cash Practice 1.2 What are various people’s interests in financial accounting? (interest in Swan’s football club)

1. CEO: Performance of the club and the how they are being represented to external parties

2. Players: Job security as a player

3. Supports: Sustainability of the football club’s business

4. Suppliers: If the football club will remain profitable and be able to make their payments to suppliers for supplying g&s 1.5 Accrual Profit Accrual Profit = (650 000 + 270 000) - (400 000 + 200 000) = $320 000 1.7 Accrual Profit

1. Sales revenue = 100000 + 200000 = $300000 ??

2. Expenses = (60000 - 5000) + 10000 = $65000 ??

3. Profit = Revenue - Expenses = 325000 - 65000 = $260000 ??

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