Differences between Financial Accounting and Management Accounting

Differences between

SN	Item	Financial Accounting	Management Accounting
1	End user	Mostly outsiders (Govt, Tax bodies, Investors etc)	In house Management
2	Legal obligation	Statutory	Non statutory
3	Coverage	Company as a whole	Segment wise
4	Type of Information	Monetary value	Monetary, Quantity & Quality
5	Format	Standard	Not specified or customised
6	Source	Internal	Internal & External
7	Principles/flexibility	GAAP (Generally Accepted Accounting Principles)	No specific ones
8	Analysis	Not much	Mostly analytical
9	Ends & Means	Ends in itself	Means to end
10	Nature	Objective / Measurable	Subjective / Interpretations / Personal opinions
11	Periodicity	At the end of Financial Year	No such period.  But information may  be required at any time
12	Audit	Subject to Independent Audit	Need not be audited