Answer
The difference between financial accounting and managerial accounting is the fact that; financial accounting involves the process of classifying, measuring and summarizing in report form those activities and information relating to an enterprise as whole for the use by both internal and external parties of a business. Managerial accounting on the other hand also involves the process of classifying, measuring and summarizing in report form activities and information of an organization, but communicating the information internally to managers for the pursuit of an organization's goals and its more of management decision-making oriented process.
Work Step by Step
The difference between financial accounting and managerial accounting is the fact that; financial accounting involves the process of classifying, measuring and summarizing in report form those activities and information relating to an enterprise as whole for the use by both internal and external parties of a business. Managerial accounting on the other hand also involves the process of classifying, measuring and summarizing in report form activities and information of an organization, but communicating the information internally to managers for the pursuit of an organization's goals and its more of management decision-making oriented process.
