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Financial accounting Vs Management Accounting

Financial Accounting and Management accounting both are the main branches of Accounting. Both are very necessary for better business decision. All the data which is used in management accounting are taken from financial accounting. But there are many difference between financial accounting and management accounting.

Following are the main differences of financial accounting and management accounting :-

Basis of Difference Financial Accounting Management Accounting
1. Objectives - In this, we record all the transactions. We make financial statements. - In this, we analyze the financial statement through ratio analysis, fund flow statement and other tools.
2. Nature  - Financial accounting is related to record of historical transactions. - Management accounting is the presentation of data for future planning. We can also use estimated data in it.
3. Subject-Matter - In financial accounting, we find the financial statement of whole organization. - In management accounting, we tries to best for finding each department's financial results and performance.
4. Compulsion - As per law, to make the financial statement by follow the financial accounting rules is necessary for companies. - There is not any law compulsion for analyze the financial statement by following management accounting rules. It is just need for management planning.
5. Reporting - Financial accounting's reports are very useful outside interested parties like investors, bankers, govt. org. and creditors. - Management accounting's reports are useful for inside management team for better decision making.
6. Description - All the transaction which we can measure in the money, will be recorded in financial accounting. - All the records and events which are useful for managerial decision making, will be used for analyze.
7. Accounting GAAP - There are common GAAP in financial accounting which any accountant should follow. - There is not any common GAAP for management accounting. Recently, management accountants are starting to follow rule of thumb.
8. Period - Financial statements in financial accounting are made for one financial period. - There is not necessary for making analyze on the basis of one year data. We can use more than one year data in management accounting. For example trend analysis, we use 5 years or more data.
9. Publication - As per law, there is necessity to publish the financial statements in newspaper. - Management Accounting's reports are personal and confidentially used for management's planning.
10. Audit - As per law, audit of financial statements are necessary which are made in financial accounting. - As per law, there is not need of audit of management accounting reports.

Related : Financial Accounting Vs Cost Accounting 

Important for Students : { This written lecture is the part of CS Accounting Notes and Management Accounting}

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Accounting Education: Financial accounting Vs Management Accounting
Financial accounting Vs Management Accounting
Accounting Education
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