It is a field of accounting wherein the economic performance in measured by means of money. It is where financial statements and reports are made to be presented to the decision makers by gathering and summarizing the financial data. It is also where the money coming in and out of a company or organization is monitored. Financial accounting doesn't necessarily state or report the value of a certain company; rather, its purpose is to provide enough information for others to assess the value of a company for themselves.

Management accounting or also known as the managerial accounting is where management accounts and reports that are provided with precise and well-timed fiscal and statistical details are prepared. This information is needed by managers to be able to make daily and immediate decisions - CIPS Assignment Help. It generates weekly or monthly reports for companies or organization's bosses or executives. The reports show available cash's amount, produced sales revenue, amount of available orders, accounts payable's condition, as well as inventory, raw materials, outstanding debts and accounts receivable.

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