Financial & Managerial Accounting: The Basis for Business Decisions is a comprehensive guide that explores the fundamentals of financial and managerial accounting, highlighting their role in informing business decisions. Financial accounting focuses on providing historical financial information for external stakeholders, such as investors and creditors, to aid in their investment and credit decisions. On the other hand, managerial accounting is concerned with providing relevant financial information to internal stakeholders, such as management, to facilitate informed decision-making.