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Difference between financial accounting and managerial accounting?

Difference between financial accounting and managerial accounting?

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Answer #1
Basis Financial Accounting Managerial Accounting
Meaning Financial acconting is done to prepare financial statements by company which used by company's shareholders and various outside parties. It is practice of Identfying, measuring, analyzing,interpreting and communicating financial information to managers
Emphasis Past based Future based
Requirement Mendatory for external reporst Not mendatory
Rules Must follow IFRS/GAAP No such outside rules are bounding
Focus Companywide reports Segment reports
Emphasis on Precision Emphasis is more on Precision Emphasis is lesson Precision
Data Objective and Verifiable Data required according to demand of the situation
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