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 camera is a killing chamber, which speeds up the time it claims to be conserving. Like coffins exhumed and prised open, the photographs put on show what we were and what we will be again.”
—Peter Conrad (b. 1948)
“The Good of man is the active exercise of his soul’s faculties in conformity with excellence or virtue.... Moreover this activity must occupy a complete lifetime; for one swallow does not make spring, nor does one fine day; and similarly one day or a brief period of happiness does not make a man supremely blessed and happy.”
—Aristotle (384–322 B.C.)