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
|