Differences Between Management Accounting And Financial Accounting?

1.	Differences Between Management Accounting And Financial Accounting?
Answer» The differences between MANAGEMENT accounting and financial accounting include: Management accounting PROVIDES information to people within an organization while financial accounting is MAINLY for those outside it, such as shareholders. Financial accounting is required by law while management accounting is not. Specific standards and FORMATS may be required for STATUTORY accounts such as International Financial Reporting Standards. Financial accounting covers the entire organization while management accounting may be concerned with particular products or cost centres. The differences between management accounting and financial accounting include:

Answer»

The differences between MANAGEMENT accounting and financial accounting include:

Management accounting PROVIDES information to people within an organization while financial accounting is MAINLY for those outside it, such as shareholders.
Financial accounting is required by law while management accounting is not. Specific standards and FORMATS may be required for STATUTORY accounts such as International Financial Reporting Standards.
Financial accounting covers the entire organization while management accounting may be concerned with particular products or cost centres.

The differences between management accounting and financial accounting include:

Discussion