The Sage Course Companion on Financial Accounting is an accessible introduction to the subject that will help readers to master key concepts and enhance their thinking skills in line with course requirements. It provides support on how to revise for exams and prepare for and write assessed pieces.

Introduction to Financial Accounting, Stewardship and Regulation

Introduction to Financial Accounting, Stewardship and Regulation

Introduction to financial accounting, stewardship and regulation

Accounting Classifications

Accounting is frequently divided into two major categories:

  • Financial accounting, and
  • Management accounting.

Financial accounting is primarily concerned with recording, processing and presenting historic information for the benefit of users external to the business. This area of accounting is concerned with preparing accounts for a business and then interpreting the information. Financial accounting is subject to a detailed regulatory framework of accounting and legal rules.

Management accounting is aimed at providing information to enable managers to operate, control and plan the future direction of their business. Management accounting includes topics such as costing, budgeting and the planning of resources.

Management accounting is largely unregulated by accounting and legal frameworks.

In this book, we are only concerned with ...

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