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Both financial and managerial accounting report monetary information; managerial accounting also reports considerable nonmonetary information.
Nonmonetary Information
Qualitative or information that cannot be easily quantified or expressed in monetary terms.
Financial Accounting
The field of accounting that focuses on the summary, analysis, and reporting of financial transactions related to a business.
Managerial Accounting
Managerial accounting is the practice of analyzing, interpreting, and communicating financial information to managers for the purpose of making informed business decisions.
- Familiarize yourself with the duties and differences between financial and managerial accounting.
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Learning Objectives
- Familiarize yourself with the duties and differences between financial and managerial accounting.
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