Time Period
Managerial Accounting provides top management with reports that are future-oriented, while Financial Accounting provides reports based on historical information. There is no time span for producing managerial accounting statements but financial accounting statements are generally required to be produced for the period of 12 previous months.
Read more about this topic: Differences Between Management Accounting And Financial Accounting
Famous quotes containing the words time and/or period:
“The door is opening. A man you have never seen enters the room.
He tells you that it is time to go, but that you may stay,
If you wish. You reply that it is one and the same to you.
It was only later, after the house had materialized elsewhere,
That you remembered you forgot to ask him what form the change would take.”
—John Ashbery (b. 1927)
“The route through childhood is shaped by many forces, and it differs for each of us. Our biological inheritance, the temperament with which we are born, the care we receive, our family relationships, the place where we grow up, the schools we attend, the culture in which we participate, and the historical period in which we live—all these affect the paths we take through childhood and condition the remainder of our lives.”
—Robert H. Wozniak (20th century)