Financial accounting, management Essay Example | Topics and Well Written Essays - 500 words

Financial peckering, management - Essay Example2. The role of Financial Accounting is to fork up pecuniary information to people outside the organization. Managerial accounting, on the other hand, furnishes financial information germane(predicate) for the executives and administrators within the organization. The two mentioned disciplines are focused mainly on compiling and reporting the financial information, spot Finance is concerned on managing money and other mo pull inary instruments. Accounting lays down the historical account of financial transactions while finance is more concerned on improving the future financial transactions of a firm.3. A balance sheet provides a picture of a firms financial rate at a given time. It elaborates the financial position of the firm as being shown by its properties (assets) and what it owes (liabilities and net worth) in a given moment. It actually shows the potentials and the weaknesses that a byplay has and can also identify business trends particularly on its receivables and payables (Balance Sheets 2003).Each of the accounting convention has different views in accounting for the entries made in the balance sheet.