FINANCIAL ACCOUNTING: Mainly aimed at external users, Has a fixed formats for various accounts prepared, Information is mainly in monetary format. Ex: in currency (£ or $), Is only produced annually or every six months., Produced for the whole organisation., Information is mainly historic, MANAGEMENT ACCOUNTING: Mainly aimed at Internal users, The accounts can be prepared in the format suitable for the business., Information can contain anything useful. For ex; In hours, in Kgs, in currency etc), Information is produced whenever needed., Produced for each department or each branch seperately, Information is mainly for present and future,

Branches of Accounting

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