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Difference between Managerial Accounting and Financial Accounting

Damon is the CEO of a small accounting firm. He needs a managerial accountant and a financial accountant. He has come up with a list of tasks that should be performed by the managerial accountant and financial accountant. From the list of tasks given below, you have to identify what tasks a managerial accountant would handle and explain those tasks in detail in your assessment.

  • Preparing cash flow statements
  • Income statement reporting
  • Budgeting
  • Calculating changes in stockholder equity
  • Preparing taxes for the organization
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