Question

A key difference between financial accounting and managerial accounting is​

Answer 1

Answer:

The difference between financial and managerial accounting is that financial accounting is the collection of accounting data to create financial statements, while managerial accounting is the internal processing used to account for business transactions.

Explanation:

Answer 2

Answer:

Financial accounting reports are prepared for external parties, whereas managerial accounting reports are prepared for internal users. Emphasis on the future: Financial accounting summarizes past transactions. Managerial accounting has a strong future orientation.

Explanation:

The difference between financial and managerial accounting is that financial accounting is the collection of accounting data to create financial statements, while managerial accounting is the internal processing used to account for business transactions.