Students should define the areas of financial and managerial accounting as well as identify the differences between the two areas of accounting. The paper should address the following differences between the two areas of accounting:

• Who are the users in each area of accounting?
• What accounting guidelines are used?
• Describe relevance and precision for the areas.
• What is the emphasis of each accounting area and why (i.e. historical data, future)?
• Describe the types of reports found in each area.
• What are the certifications an accountant can obtain in the areas?
• What are the current trends in managerial accounting?