The major differences between financial and managerial accounting are based on reporting focus, frequency, etc. which are explained in the attached image.
Financial accounting and managerial accounting (also known as management accounting) are not the same things.
While both types of accounting deal with numbers, managerial accounting is only used within the company.
Financial accounting, on the other hand, is primarily concerned with the collection of accounting data in order to generate financial statements.
A financial accounting system is designed for external decision-makers like investors, regulators, and creditors, whereas a managerial accounting system is designed for internal decision-makers like managers.
Hence, financial accounting and managerial accounting are different from each other.
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