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Cost & Management Accounting STEI Tazkia Bogor, Februari 2019

MPI-A-16

FINANCIAL & MANAGERIAL ACCOUNTING;


DIFFERENCES

M. Fauzan Ramadhan1
Ahmad Shidqi Khalel2
Khalel Mohammed Amar3

ACCOUNTING

Accounting is a systematically and comprehensively process of recording


financial transaction to a business in a period of time.4 Accounting also defined as
a process to summing, analysing, and reporting financial transaction of a business.
What called a transaction is an agreement of two sides, where one of them sells
goods or services while the other buy that goods or services.

FINANCIAL ACCOUNTING

According to Wikipedia.org, financial accounting is a part of accounting


which is related to preparing the financial statement for party outside the company,
such as shareholders, creditors, and government. 5 The main principle used in
financial accounting is the accounting formula “Asset = Liabilities + Equity”.
Financial accounting is related to recording transaction for a company or
organization and preparing of many periodic reports from the result of the
recording. This reports are arranged for public importance and often used by
manager as financial responsible form to the shareholders.

1
Student of Sharia Business Management Majority of Tazkia University College
of Islamic Economics, Bogor Indonesia, 1519297
2
Student of Sharia Business Management Majority of Tazkia University College
of Islamic Economics, Bogor Indonesia, 16101066
3
Student of Sharia Business Management Majority of Tazkia University College
of Islamic Economics, Bogor Indonesia, 17101121
4
https://www.jurnal.id/id/blog/2017-cara-mudah-memahami-akuntansi-
keuangan/
5
https://id.wikipedia.org/wiki/Akuntansi_keuangan
Cost & Management Accounting STEI Tazkia Bogor, Februari 2019
MPI-A-16

The Importance thing of financial accounting is the existence of


Financial Accounting Standard (SAK) which is rules that to be used in
measurement and presentation financial report for external need. So, it is hoped
that the user and arranger of financial report can communicate through this
financial report, because they use the same reference that SAK.

MANAGERIAL ACCOUNTING

According to Chartered Institute of Management Accountants (CIMA),


managerial accounting is a process of identifying, measuring, accumulating,
analysing, arranging, interpreting, and information communicating which used by
management to plan, evaluate, control one entity and to make sure the
effectiveness of using resources.6 Managerial accounting also include arrangement
of financial report for non-management groups like shareholders, creditors,
controlling firms, and tax authority.

Management Accounting or Managerial Accounting is a process of


processing financial transaction, identifying, measuring, analysing, and presenting
it in form of information which used by corporation management in planning,
controlling, evaluating activity, and guarantying the effectiveness of business
activity in using the company’s economic sources. 7 The purpose of managerial
accounting is to produce a good and right financial information which can be used
by the businessman or company management to choose the right decision
(decision making).

FINANCIAL VS MANAGERIAL

There are some differences between Financial Accounting and


Managerial Accounting. According to jurnal.id, 8 these are specific differences
between Financial Accounting and Managerial Accounting:

6
https://www.jurnal.id/id/blog/2018-akuntansi-manajemen-pengertian-fungsi-
dan-penerapannya-dalam-perusahaan/
7
https://www.beecloud.id/akuntasi-manajemen-adalah/
8
https://www.jurnal.id/id/blog/2017-7-perbedaan-akuntansi-keuangan-dan-
akuntansi-manajemen/
Cost & Management Accounting STEI Tazkia Bogor, Februari 2019
MPI-A-16

Aspect Financial Managerial


Purpose To produce financial report To produce a detail and
which describe how the specific report, identifying
company’s condition and problems, and solve those
performs. problems.
Report User Users are outside the Users are company’s
company (external), not to management (internal),
make decision about the decision making for the
company. company.
eg. Shareholders, eg. Managers, Executives,
Government, Creditors, etc. Sales, Administration
Employees, or Supervisors.
Scope Report presents the whole Report presents only one
company. sector in a company.
eg. Balance Sheet, Loss- eg. Marketing, Production,
Profit Report, etc. etc.
Time Span Financial Report less flexible More flexible in comparison
and can only be in a short with financial accounting.
time span.
eg. A year period, Half year eg. Daily or weekly.
period, or a month period.
Information Focuses on past information Future oriented.
Focus with giving the image of
company’s management
responsibility about
company’s fund usage.
Information Financial only Financial and Operational,
Type Supplier, Technology,
Competitor, and Costumer.
Information Need a high level, objective, Have the credibility to help
Characteristics trusted, and accurate management in making
precision. decision.
Cost & Management Accounting STEI Tazkia Bogor, Februari 2019
MPI-A-16

SOURCES

(n.d.). Retrieved from https://id.wikipedia.org/wiki/Akuntansi_keuangan

(n.d.). Retrieved from https://www.jurnal.id/id/blog/2017-cara-mudah-memahami-


akuntansi-keuangan/

(n.d.). Retrieved from https://id.wikipedia.org/wiki/Akuntansi_manajemen

(n.d.). Retrieved from https://www.beecloud.id/akuntasi-manajemen-adalah/

(n.d.). Retrieved from https://www.jurnal.id/id/blog/2018-akuntansi-manajemen-


pengertian-fungsi-dan-penerapannya-dalam-perusahaan/

(n.d.). Retrieved from


https://id.wikipedia.org/wiki/Perbandingan_akuntansi_manajemen_dan_akunta
nsi_keuangan

(n.d.). Retrieved from https://www.jurnal.id/id/blog/2017-7-perbedaan-akuntansi-


keuangan-dan-akuntansi-manajemen/

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