What is the difference between financial accounting and managerial accounting and who benefits from the information derived for the reports and advice offered by these accountants? Financial accounting is typically used for external oriented groups and results in the development of a balance sheet and financial statements. Managerial accounting, on the other hand, uses the information in the balance sheet and on the profit and loss statement in a comparative manner to allow the manager …showed first 75 words of 2042 total…

…showed last 75 words of 2042 total…amp;amp; Smith, A. J. (2001, April 4). Financial accounting information and corporate governance. Journal of Accounting and Economics, 32, 237-333. Peters, D. (2003). Your Personal Ethics--Is It Time For a Check-Up? National Jeweler, 97 (7), 30-31. Retrieved April 6, 2005 from EBSCOhost database. The Institute of Management Accountants. Standards of ethical conduct for members. Retrieved April 7, 2005, from http://www.imanet.org/ima/docs/1000/981.pdf Marshall, D., McManus, W., & Viele, D. (2004). Accounting: What the numbers mean. 6th ed. New York: McGraw-Hill.