Accounting in general can be defined as an information system that provides reports to stakeholders about the economic activities and condition of a business. The financial accounting can be defined as the reporting of the financial position and performance of a firm through financial statements issued to external users on a periodic basis. While the managerial accounting can be defined as the process of identifying, measuring, analyzing, interpreting, and communicating information for the pursuit of an organization's goals. The key difference between managerial and financial accounting is…
