Difference Between Management Account and Finance Account

BUSINESS FINANCE

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
The word business finances can be described as the activities that lead to capital fund
acquisition and management to meet an organization's financial needs and specific objectives
(Ozili, 2018). The project report is focused on the distinction of management account and
finance account and their value to businesses for making critical decisions by internal monitoring
possibilities. The project report also relates to their usefulness.
MAIN BODY
Explain difference between management account and finance account. Along with their
usefulness to users of financial information
Management account- Management accounting is often known as management accounting and
can be defined as a method for providing management with the key facts to make decisions. This
has to do with the preparation of internal reporting by means of the monetary and non-monetary
information processing statements, which mainly act as a mix of financial and non-financial
details for the management team of the company. In this respect, it is necessary to note that only
the inner department of the businesses can have this account.
Finance account- The definition, review, and documentation of financial transactions relevant to
companies are based on financial accounting. This includes preparing publicly accessible
financial records. Only financial data is provided in this report. Such accounts can not only be
used by domestic shareholders, but also by outside stakeholders (Esen, Tunahan and Takil,
2016).
Herein, below difference between management account and finance account is done below in
such manner:
Basis Management account Finance account
Preparation This is done within management
accounting.
The financial statement is used to manage
it.
Information All kinds of details, for example
monetary and non-monetary, are
On the other side, it contains only
monetary details.