Accounting

Question 1

Difference between management and financial accounts?

Answer 1

Management accounts are for internal use and financial accounts are the company accounts required by law

Question 2

Difference between profit and loss accounts and a balance sheet?

Answer 2

P&L accounts show income and expenditure and the resulting profit or loss

Balance sheet shows what a company owns in assets and what it owes in liabilities at a given point in time (also a snapshot of the finances at a specific time)