Managerial Accounting vs Financial Accounting
Primary users of the information are the internal users such as managers
managerial
Primary users of the information are the external users, such as creditors, stockholders, and government regulators
Financial
The purpose of the information is to help managers plan, direct, and control business operations and make business decisions
Managerial
The purpose of the information is to help the external users make investing and lending decisions
Financial
The primary accounting product is any internal accounting report deemed worth while by management
Managerial
The primary accounting product is the financial statements
Financial
Focuses on the future
Managerial
Focuses on the past data
Finacial
Some reports are prepared daily and some are only prepared once
Managerial
Reports are prepared annually and quarterly
Fianancial
The information must be relevant
Managerial
The information must be reliable and objective
Financial