Financial accounting measures performance using financial reports and communicates results to those outside of the organization who may have an interest in the company’s performance, such as investors and creditors Managerial accounting uses both financial and nonfinancial information to aid in decision-making

The primary goal of accounting is to provide accurate, timely information to decision makers Financial accounting measures an organization’s performance in monetary terms

accounting — process of organizing, analyzing, and communicating financial information that is used for decision-making. managerial accounting — process that allows decision makers to set and evaluate business goals by determining what information they need to make a particular decision and how to analyze and communicate…. financial accounting — measures the financial performance of an organization using standard conventions to prepare financial reports. creditor — business that grants extended, but short-term, payment terms to other businesses.