Briefly Distinguish Between Managerial Accounting and Financial Accounting

question 61

Essay

Briefly distinguish between managerial accounting and financial accounting. Be sure to comment on the general focus, users, and regulation related to the two fields.

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Definitions:

Checks Presented

Refers to the cheques that have been submitted for payment by the payee to the bank but have not yet been cleared.

Checks Written

The act of creating checks as payments for expenses, purchases, or obligations by a business or individual.

Bank Reconciliation

The process of matching and comparing figures from banking statements with those in a company’s financial records to ensure accuracy.

Outstanding Checks

Outstanding checks refer to checks that have been written and recorded in the issuing entity's financial records but have not yet been cashed or cleared by the bank.