Professor Pacioli was recently asked the following five questions by his aspiring accounting students. Prepare a summary of the professor Solution (a) Professor, I cannot quite put my finger on it, but your name has a familiar ring to it . . .why is that? Dear Student. it is because you are thinking about Luca Pacioli, he was an Italian mathematician, Franciscan friar, collaborator with Leonardo da Vinci, and seminal contributor to the field now known as accounting. He is referred to as the Father of Accounting and Bookkeeping Source: The Enigma of Luca Paccioli\'s Portrait (b) Professor, I have no interest in being a bookkeeper. Why should I study accounting? Dear stuent you should study accounting because if you run a business you will need an accounting department and if you are the owner or manager you need to be able to read the accounting reports so you know the person giving you this information is telling the truth or something is wrong. (c) Professor, I am not sure I understand why there is a distinction between financial and managerial accounting. If you are accounting for one business, how can there possibly be two separate approaches? Dear student, the answer is this : Managerial accounting is used primarily by those within a company or organization. Reports can be generated for any period of time such as daily, weekly or monthly. Reports are considered to be \"future looking\" and have forecasting value to those within the company. Financial accounting is used primarily by those outside of a company or organization. Financial reports are usually created for a set period of time, such as a financial year or period. Reference : Colin Drury (2007), \"Differences between management accounting and financial accounting\", Management and Cost Accounting, p. 7, ISBN 9781844805662 (d) Professor, haven.

1. Professor Pacioli was recently asked the following five questions by his aspiring accounting
students. Prepare a summary of the professor
Solution
(a) Professor, I cannot quite put my finger on it, but your name has a familiar ring to it . . .why is
that?
Dear Student. it is because you are thinking about Luca Pacioli, he was an Italian mathematician,
Franciscan friar, collaborator with Leonardo da Vinci, and seminal contributor to the field now
known as accounting. He is referred to as the Father of Accounting and Bookkeeping
Source: The Enigma of Luca Paccioli's Portrait
(b) Professor, I have no interest in being a bookkeeper. Why should I study accounting?
Dear stuent you should study accounting because if you run a business you will need an
accounting department and if you are the owner or manager you need to be able to read the
accounting reports so you know the person giving you this information is telling the truth or
something is wrong.
(c) Professor, I am not sure I understand why there is a distinction between financial and
managerial accounting. If you are accounting for one business, how can there possibly be two
separate approaches?
Dear student, the answer is this :
Managerial accounting is used primarily by those within a company or organization. Reports can
be generated for any period of time such as daily, weekly or monthly. Reports are considered to
be "future looking" and have forecasting value to those within the company.
Financial accounting is used primarily by those outside of a company or organization. Financial
reports are usually created for a set period of time, such as a financial year or period.
Reference : Colin Drury (2007), "Differences between management accounting and financial
accounting", Management and Cost Accounting, p. 7, ISBN 9781844805662
(d) Professor, haven