Syllabus A1b
Financial Management & Accounting 5 / 7
The relationship between financial management, financial and management accounting
Financial Management
Looks at long term raising of finance and the control of resources.
Financial accounting
Gives information about past events generally.
It is required legally and is determined by accounting standards.
Looks at the business as a whole
Management accounting
Provides information for day to day decisions generally, to aid management.
No strict rules or format.
Can focus on specific areas of business