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While answering the question use diagram to explain your question.
Financial Accounting: Is the process of providing informationof the financial trancactions for the besiness , this kind of repots is useful for both internal and external users such as the owner, managers , Investor ,lender and other regultory agency., the focus for the Financial Accounting is on historical information
Managment Accounting: is the process of reporting to the internal users in order to achive the organization goals . the focus for the managerial accounting on both historical and forcasting.
