Which of the following is a key difference between financial accounting and management accounting?
◦ Financial accounting is concerned with preparing cost analysis, whereas management accounting is concerned with creating reports.
◦ Financial accounting considers such aspects as profitability, whereas management accounting does not consider profitability.
◦ Financial accounting creates information for outsiders, whereas management accounting is for insiders.
◦ Management accounting is based on historical data, whereas financial accounting is based on real time data.
◦ Accounting knowledge creates information for all stakeholders, whereas management knowledge is used for internal purposes only.
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