Reference no: EM132627205

Question 1. Provide 5 examples of business activities or accounting reports that reflect the difference between financial accounting and managerial accounting in different aspects (purpose, focus, disclosure, etc.) and describe their importance in the performance of the company. Example: Financial Accounting: Preparation of a report that includes the quarterly production to report the quarterly results to the parent company. It allows the preparation of quarterly reports for regulatory agencies and shareholders. Managerial accounting: Preparation of a weekly production report by product type to measure performance. It provides information that helps us estimate in advance whether or not the monthly production goal will be achieved and identify possible problems that prevent the goal from being met.