The matching concept does not mean that revenues and expenses for a period are equal. (p. 55). A second accounting principle is revenue recognition at time of sale. The first cookie sale transaction for cash meant that all $21,000 could be recognized at the time of the sale. In comparison, the second cookie sale of $7,000 was a credit transaction setting up an accounts receivable and allowing for revenue recognition at the time of sale...
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Never-the-less, both sales transactions affected the income statement and the balance sheet. A third accounting principle, the cost principle according to Marshall et al. (2003), "The cost principle refers to the fact that transactions are recorded at their original cost to the entity as measured in dollars...
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Managerial Accounting “However, multinational companies prefer to employ Managerial Accountants who have passed the Certified Management Accounting (CMA) certification. The CMA certification is an examination given by the Institute of Management Accountant, a professional organization of accounting professionals...	2 / 430
Roles and Responsibilities of Financial and Managerial Accounting Managers The controller is the organization’s top accounting officer; the treasure is concerned mainly with raising and managing cash. (p. 17-18) Management accountants primarily serve as advisors to the organization, and generate detailed reports on the organization itself, its products, departments, territories, etc...	2 / 374
What is Management Accounting? One more difference is that financial accounting has a less flexible time span on their reports and management accounting has total flexibility on theirs...	1 / 272
What is management accounting? The major difference is who their primary users are (Horngren, Sundem, & Stratton, 2005). Financial accounting's primary users are third parties and management accounting's primary users are organization managers...	2 / 381