1) Provides information to both internal and external parties. a) Financial accounting b) Management accounting 2) The frequecy in preparation of reports are based on the requirement of managers a) Financial accounting b) Management accounting 3) It is not a legal requirement to produce reports. a) Financial accounting b) Management accounting 4) Uses standard formats and accounting principles a) Financial accounting b) Management accounting 5) Uses past , current and estimated information for planning purpose a) Financial accounting b) Management accounting 6) Uses financial and non-financial information a) Financial accounting b) Management accounting 7) Only provide information to internal managers to make decision a) Financial accounting b) Management accounting 8) Uses many different classification of costs a) Financial accountinhg b) Management accounting 9) Prepares financial statements to assess the business performance and financial position a) Financial accounting b) Management accounting 10) Prepares budgets , cashflow forecasts and analyse the cost variances a) Financial accounting b) Management accounting

Financial accounting vs Management accounting

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