internal company management and external parties (Surbhi, 2014). Managerial accounting
users, on the other hand, are internal management only. Also, financial accounting is reported
publicly compared to the management accounting which is very confidential as it is for the
organization’s use. Financial accounting is conducted in a prescribed format. Conversely,
management accounting has no prescribed format. Other key differences include; financial
accounting is conducted for a specific period mostly one year while managerial accounting is
conducted according to management needs like half-yearly, quarterly, etc. For any company,
financial accounting information is compulsory for the purpose of auditing. Conversely,
management accounting is voluntary because no editing that should be done.
Forensic accountants tend to employ their investigative, auditing and accounting skills
to examine the financial statements of a company. They may be requested to work for federal
governments, police forces, insurance companies, banks among others. Forensic accountant’s
job includes; investigating and analyzing financial evidence, documenting their findings as
well as testifying in courts as forensic witness experts where they support their evidence.
Money has various characteristics which should be considered when determining if it
serves as good money. One of the characteristics is portability. Money should be portable. It
should be easily transported from one place to another even in bulk. It should be convenient
and easy to use. Durability is another characteristic. It is critical for money to be durable in
order to perform related functions of the store of value and medium of exchange (Ebert,
2016). Durability is required for an item that works as a medium of exchange as it retains its
value from a transaction to another. Divisibility is the third characteristic. Money should be
divided into small units to be used for small payments without losing its value. Another
characteristic is acceptability. Good money must generally be accepted by a population.
Other characteristics include hard to counterfeit, where money should not be easily copied or
faked and scarcity where it should be limited in supply which makes it maintain its value.