In my Accounting class we are being asked to respond to/comment on different things that students post. My professor is requiring a "substantive" response with references to back up what is being said. I need some help with a response to this post. Any help you can give me will be GREATLY appreciated!

The primary reason for financial accounting is to provide information to consumers, creditors, customers and others outside of the company regarding the company's financial health. Managerial accounting is primarily focused on providing management with accurate financial information so they can make the best decisions guiding the business in terms of it's financial situation.

"The main objective of managerial accounting is to produce useful information for a company's internal use. Business managers collect information that encourages strategic planning, helps them set realistic goals, and encourages an efficient directing of company resources.

Financial accounting has some internal uses as well, but it is much more concerned with informing those outside of a company. The final accounts or financial statements produced through financial accounting are designed to disclose the firm's business performance and financial health. If managerial accounting is created for a company's management, financial accounting is created for its investors, creditors, and industry regulators." (Ross, 2019)

"...each field of accounting deals with the economic events of a business. For example, determining the unit cost of manufacturing a product is part of managerial accounting. Reporting the total cost of goods manufactured and sold is part of financial accounting." (Kimmel & Weygandt, 2017).