Brianna Johnson
August 17, 2020
Cost Accounting
Reflection Paper Chapter 1
The Manager and Management Accounting
Chapter 1 Flexibility is said to be the hallmark of modern management accounting, whereas
standardization and consistency describe financial accounting. Explain why the focus of those two
accounting systems differs. Financial accounting is more about the bigger picture—it evaluates the
finances of the organization as a whole, using historical, quantitative, monetary, and factual data. It
is more formal and requires the use of GAAP. The information financial accounting provides is
