Managerial Accounting Financial Accounting

 The goal of managerial accounting is to give
internal users access to data that managers
may utilize to fulfil their planning, controlling,
decision-making, and performance
evaluation duties.
 Reports in managerial accounting frequently
concentrate on organizational segments or
sub-units.
 These reports are under the management
category and include information on budgets,
financial projections, cost analyses, and other
topics.
 Since it is only designed for management use,
the managerial accounting has a regulation
or set of presentation criteria that are
optional. Management can establish its own
guidelines for gathering data that is most
pertinent to its purposes.
 The period covered is the reports may cover
any period as required by management
 Giving external users information about an
organization's financial situation and
performance is the goal of financial
accounting
 In the focus of reports of financial
management, they are focus on the business
 The type of reports that financial
management have is financial statements
 The Philippine Financial Reporting Standard
(PFRS), the Generally Accepted Accounting
Principles (GAAP), and the Professional
Accounting Standards (PAS) are the
requirements and standards of presentation
for financial management (Philippine
Accounting Standard)
 The period covered in reports is usually cover
a year, quarter or a month

My Decision
In my decision according to my assessment, the useful area of accounting that applies to Randel is financial
performance, as it only cares about making a profit and not the overall operation of the business. And
concentrated on producing financial statements that would be distributed to public, internal, and external
stakeholders. Financial accounting is used to report on a company’s profitability and effectiveness. It is
important to understand the correct value of a company’s assets and liabilities in financial accounting. Randel
will find this adequate and comfy for carrying out his duties.