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Financial and management accounting are both important tools for a business, but serve different purposes a business uses accounting to determine operational plans in the future, to review past performance and to check current business functions. Financial accounting textbook solutions and answers from chegg financial accounting, 11th + working papers 11th edition financial & managerial accounting, . Principles of managerial accounting—fall 2013 competencies competency description 1 (ch 1-2) q 1-6 know difference between managerial and financial.
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