Financial Accounting From Its Basics to Financial Reporting and Analysis by Simeon Spiteri
Publisher: Cambridge Scholars Publishing 2020
Accounting is divided into two main areas, which are financial accounting
and management accounting. This book focuses on financial accounting,
which mainly comprises the preparation and examination of financial
statements in order to help external users like ordinary shareholders, lenders
and suppliers to take economic decisions. Management accounting is
directed towards management by providing detailed information in order to
help them to take routine and non-routine decisions. Financial accounting
reflects past events that are portrayed in the financial statements.
Management accounting comprises past events present in the management
accounts and also forecasts that appear in the functional and master budgets.
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