3.Question 3What is the difference between Financial Accounting and Management Accounting?1 pointFinancial and Management Accounting measure and communicate the same economic reality.Financial accounting deals with information for external users. Management Accounting deals with information for internal users.Financial accounting deals with information for internal users. Management Accounting deals with information for external users.Financial and Management Accounting measure and communicate different economic realities.

Financial accounting provides information to people inside of an organization, whereas managerial accounting provides information to people outside of an organization.True false question.TrueFalse

Financial accounting and managerial accounting differ in terms of who uses the information. Financial accounting provides information primarily for Blank______.Multiple choice question.managerial accountantspeople outside the organizationpeople inside the organizationthe government

Which of the following differentiates cost accounting and financial accounting? Cost accounting measures information related to the costs of acquiring or using resources in an organization, whereas financial accounting measures a financial position of a company to investors, banks, and external parties.

Difference between Management and Financial accounting Management Accounting Financial AccountingInformation usually/mainly produced for Internal use e.g. managers and employees External use e.g. stake holder, payable, lender, banks, government etc.Purpose of Information To aid planning, controlling and decision making. To record the financial performance in the period and the position at the end of that period.Legal Requirement None Limited companies must provide financial accountsFormats Management decide on the information they require and most useful way of presenting it. Formats and contents of financial accounts intended to give true and fair view, should follow accounting standards and company law.Nature of information Financial and Non- financial Mostly financial Time period Historical and forward working Mainly a historical researchExplain this in detail by making table and please use easy wording because i am not good in English and also give each example

Which of the following items does not represent a difference between financial and managerial accounting?Multiple ChoiceFocus of the information.Inclusion of monetary information.Users of the information.Flexibility of reporting.Timeliness of information.