Chapter 4:
Fields of Accounting

Chapter Learning Objectives

The learning objectives of the chapter are:

• Explaining to the participants on the similarities between financial and management accounting.
• Describing the differences in the scope of work between financial and management accounting.
• Outlining the importance of management accounting.

Learning Outcome

At the end of chapter the participants will be able to explain the differences between financial and management accounting and be able to appreciate the role of management accountants to the success of an enterprise.

Learning Activities

Individual Activities

Learners to produce an essay on how activities of an enterprise may be affected if accounting information is not produced.

• The participant to give a brief statement of their prior knowledge in each accounting field.

Group Activities

• Group discussion on the management accounts of a company operating in Malawi for them to outline major differences with the financial statements of the similar enterprise.

Sessions and Time Allocated

5. Differences between management and financial accounting, the regulations and scope. Importance of management accounting: 1 hour.