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