ECONOMICS

Detailed explanation-1: -Managerial accounting is also known as management accounting and is concerned with information collection that enables managers to decide and plan on business needs for the future. It focuses mainly on the future and the present financial situations.

Detailed explanation-2: -Management accounting information is oriented toward the future while financial accounting information is historical in nature. Management accounting refers to the preparation and use of accounting information designed to meet the needs of decision makers outside the business organization.

Detailed explanation-3: -The difference between financial and managerial accounting is that financial accounting is the collection of accounting data to create financial statements, while managerial accounting is the internal processing used to account for business transactions.

Detailed explanation-4: -Financial accounting is concerned with the financial results that a business has already achieved, so it has a historical orientation. Managerial accounting may address budgets and forecasts, and so can have a future orientation.