LO 1.2What are the key differences between financial accounting and managerial accounting?

Difference between managerial accounting and financial accounting is described as follows:-

Managerial accounting is the accounting process for observing and recording business transaction whereas information and facts of accounts that are collected to make financial statement called financial accounting. Managerial accounting reports about the issue and obstruction that are occurring in the business processes and the measure to fix it are planned whereas financial accounting deals with profit generation. Managerial account processes by accounting every level of business internally but financial accounting look business as a whole level.