What is the difference between management accounting and financial accounting?

 Financial accounting is the preparation and presentation of financial statements to allow users to make economic decisions about the company

• Financial statements consist of

1. –Statement of cash flows
   
2. –Balance sheet
   
3. –Income statement
   
4. –Statement of changes in equity
   

Management accounting provides economic information for internal users and provides economic information for internal users that is then reflected in financial accounting statements for external users
•It includes

1. –Formulating plans and budgets
   
2. –Providing information to be used in monitoring and control within the company

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