Question

Five differences between financial accounting and management accounting

Answer 1

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Explanation:

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 in the I.A.S International Accounting Standard within Europe.

Financial accounting covers the entire organization while management accounting may be concerned with particular products or cost centres.