Describe the Major Differences Between Managerial Accounting and Financial Accounting

question 53

Essay

Describe the major differences between managerial accounting and financial accounting.

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Definitions:

Reality Principle

The concept in psychoanalytic theory that represents the constant adjustment of seeking to satisfy basic desires with the demands of the external world.

Id

A concept in psychoanalytic theory representing the instinctual drives and primal impulses.

Defense Mechanism

Psychological strategies brought into play by the unconscious mind to manipulate, deny, or distort reality in order to defend against feelings of anxiety and unacceptable impulses.

Denial

A defense mechanism in which confrontation with a personal problem or with reality is avoided by denying the existence of the problem or reality.