Start learning accounting with this accounting 101 basics course. This section serves as a primer for beginners and a refresher for those who already have background in accounting. Build and solidify your accounting foundation.
Financial accounting is the branch that focuses on the preparation of financial statements. Guided by generally accepted accounting principles, it deals with historical data, turning them into financial reports.
Managerial accounting focuses on providing information to be used by the management in decision-making. It deals with the needs of the management rather than strict compliance with generally accepted accounting principles.