How would I respond to these: ....?

- From my understanding, financial accounting relies more on information that can be made available to any person whereas managerial accounting is used for a business internally that will aid in making decisions that could potentially effect the company employees, shareholders and the overall running of a business. Someone who works in the managerial accounting field would be able to run break even numbers for the company in order to see what the companies profits could be. According to the article that I found, they also directly assign costs to specific products and productions to see where spending money may be egregious. The ability to calculate these types of figures will help determine the health and strength of a company and whether or not they will be successful in the long run. The ability to look for inconsistencies will also allow the ability to check for theft.

- Financial accounting is obtaining data to create financial statements while managerial accounting is an internal process used by the business. Managerial accounting focuses on increasing profits for the business. Managerial accounting focuses on sharing reports with the business while financial accounting shares the reports with the external users. Financial accounting reports are for general purpose. They are also done quarterly and annually. Managerial accounting reports are due as frequently as they are needed. The reports for managerial accounting are done for a specific purpose. The management functions of a managerial accountant are planning, directing and controlling. The planning function requires management to plan and establish objectives. The directing function requires management to work with other parts of the business-like human resources for example to run the business efficiently. The controlling function is used to keep the business on track to finish their plans.