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:
“Words, words, words! They shut one off from the universe. Three quarters of the time one’s never in contact with things, only with the beastly words that stand for them.”
—Aldous Huxley (1894–1963)
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—Joan Sheingold Ditzion and Dennie Palmer (20th century)