Financial accounting is non-dynamic-backward looking

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'Financial accounting is non-dynamic, backward looking, conservative, as objective as possible, and subject to statutory and other regulation. Management accounting is future oriented, is dynamic, produces forward looking figures and is meant to be decision and control relevant, should not be too concerned with objectivity, and is not generally subject to external regulation.' Justify this statement, giving examples to illustrate your answer.

Reference no: EM133340284

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