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Hello Class. The difference between Financial and managerial accounting is that financial accounting is for external use versus managerial accounting is for internal use. For example, financial accounting is a tool used to provide investors and creditors with information so that they can make educated decisions on whether to continue conducting business with the company or not. These reports tend to be broader, standardized and provide more genderized information. On the other hand, managerial accounting is more detail oriented and provides more freedom of information. Meaning they can have as much information as necessary for the staff to make the appropriate decisions. There is no universal standard for this.

A Document generated to support the financial accounting statement is the manufacturers income statement. This document is an easy-to-read statement with broad brush stroke level of information like cost of direct labor, however, it doesn't provide a breakdown of how they came to that number like number of employees, hours worked, etc..

An example of a documents used for managerial accounting is job cost system or flows. It's a series of journal entries that show how much specific jobs are costing the company. The company uses this to make sure that what they are doing is profitable job to job and can make future decisions on how much to charge and whether it makes sense to continue providing those services.

Things that I found helpful and interesting about Institute of Management Accountants site is that they have something for every level of learning. From your beginner intermediate and advanced level certifications. It's sort of a one stop shop for in the sense that you can get information about becoming a student, get information from an employer standpoint to better educate your staff as well as information articles in case you were researching accounting topics. All in all, it seems like a well put together site that covers a lot of different aspects of accounting.