ACCA FM Syllabus A. Financial Management Function - Financial management, financial and management accounting. - Notes ^{2 / 2}

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