How will you define management accounting versus financial accounting?

Financial and management accounting are both important tools for a business, but serve different purposes.

Financial accounting is used to present the financial health of an organization to its external stakeholders. Board of directors, stockholders, financial institutions and other investors are the audience for financial accounting reports. Financial accounting presents a specific period of time in the past and enables the audience to see how the company has performed.

Management or managerial accounting is used by managers to make decisions concerning the day-to-day operations of a business. It is based not on past performance, but on current and future trends, which does not allow for exact numbers. 

Differences in terms of

data :Financial accounting relies on historical data , accounting management based on actual data

 user:Financial accounting is based on external users and external parties Service of taxes, banks, lenders and investors as well as to owners , management accounting serves as an information system serves the administration basically make their own decisions.

addition:Financial Accounting affected by the external environment in terms of legislation and laws and policies,  accounting  management are affected by the Interior environment  , where most decisions are affected by the addition of a new product or a new product line or add new energy or additional investment