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What is financial management? What is management accounting?

State the differences. I would be grateful for any links to any sites or detailed answers, otherwise refrain from answering. Thanks.

Public Comments

  1. I'd say management accounting is more detailed, focusing on budgets and actuals being the right value in the right place. Financial management is using those figures and others - cash, debtors, creditors etc - to make managerial decisions about the business.
  2. This is from my Management accounting textbook Financial accounting is not designed to satisfy all the information needs of business managers. Its scope is limited to the needs of EXTERNAL USERS such as investors and creditors. The field of accounting designed to meet the needs on internal users is called managerial accounting.
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