For me, the biggest difference between these two is that financial accounting is more for the benefit of outsiders than for insiders. It is meant to give information to investors and the government, not for the internal use of the firm. This is why mangerial accounting is more useful for...
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For me, the biggest difference between these two is that financial accounting is more for the benefit of outsiders than for insiders. It is meant to give information to investors and the government, not for the internal use of the firm. This is why mangerial accounting is more useful for managers -- it is meant for them and it can concentrate on the issues that are of most interest to them, not on those things that matter most to investors.