Explain the Differences Between Managerial and Financial Accounting, and Give

question 216

Essay

Explain the differences between managerial and financial accounting, and give examples of the types of problems and issues examined by each of these areas of accounting.

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Definitions:

Mechanical Solidarity

A concept developed by Émile Durkheim describing the social cohesion and integration that arises in societies with a simple division of labor, where individuals perform similar tasks.

Organic Solidarity

A concept developed by Émile Durkheim that refers to the social cohesion based upon the dependence individuals have on each other in more advanced societies.

Diversity

The presence of differences within a given setting, including those relating to race, ethnicity, gender, age, and socioeconomic background.

Social Facts

Durkheim's concept of patterns of behavior, beliefs, and norms that exist outside of the individual but exert influence over individual actions.