Financial Accounting: Financial accounting depicts the past position of the CONCERN, while management accounting stresses at future. Financial accounting is mandatory for all JOINT STOCK COMPANIES and business organizations but this is not the case with management accounting.

Management Accounting: Management accounting provides data to managers to help them in making decisions about the future. To the contrary, financial accounting aims at MEETING the requirements of outside parties who have financial stake in the business.

Financial Accounting: Financial accounting depicts the past position of the concern, while management accounting stresses at future. Financial accounting is mandatory for all joint stock companies and business organizations but this is not the case with management accounting.

Management Accounting: Management accounting provides data to managers to help them in making decisions about the future. To the contrary, financial accounting aims at meeting the requirements of outside parties who have financial stake in the business.