Eddison Electronic Company (EEC) provides electricity for several states in the United States. You have been employed as a cost accountant at this organization. You have recently hired Susan Thompson, who has experience with financial accounting. Financial accounting includes preparing journal entries that provide a record of the day-to-day activities of the company and preparing financial statements, such as an income statement, a statement of owners’ equity balance sheet, and a cash flow statement. Although Susan has experience with and fully understands financial accounting, she has no experience with managerial accounting.
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Please discuss what Susan should know about managerial accounting.
- Explain the similarities and differences between financial and managerial accounting.
- Provide examples of the reports used for financial reporting and how those reports differ from managerial accounting reports.
- Determine how managers might use accounting information for planning and controlling purposes.
350-450 words, APA format