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What is the difference between financial accounting and
management accounting?
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Answer Posted / danielrobert
Financial Accounting is mainly concerned with record keeping aspect aiming to prepare the financial statements. It just records the data on historical basis (i.e. what has happened).
It does not give much emphasis to providing information to the management for decision making.
Management Accounting, on the other hand, is concerned with providing necessary information to the management to assist them in decision making. It combines the aspects of both Financial Accounting (i.e. what has actually been spent or earned) and Cost Accounting (i.e. what is expected to be spent or earned)
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