Discuss the Major Differences Between Management Accounting and Financial Accounting

question 21

Essay

Discuss the major differences between management accounting and financial accounting.In your analysis,discuss who benefits from the reports or statements and discuss the differences between the individuals that use the accounting information.Be specific.

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Definitions:

Greater Power

Refers to the superior ability or authority of an individual or group to influence or control outcomes in their favor.

Controlled Processing System

A cognitive system involving conscious, deliberate thought and attention for complex tasks or decisions.

Rigid

Describes something or someone that is inflexible, strict, or unable to change.

Objective Power

The ability to influence others or affect outcomes based on one's position or resources, independently of personal characteristics.