Management accounting and financial accounting fulfill same purposes of the senior management of a company?- Do you agree? Why?

 

Management accounting and financial accounting fulfill same purposes of the senior management of a company?- Do you agree? Why?

I do not agree with the statement because of the following reasons;

Management Accounting is used strictly for internal purposes while Financial Accounting provides information based on accounting standards.

Management Accounting Frequently looks ahead while financial accounting offers analysis of historical data.

Financial accounting is the collection of accounting data to financial statements while management accounting is the internal processing used to account for business transactions.

Financial accounting is designed for external users while managerial accounting is designed to help managers plan for the future

Management Accounting provides information for one user especially firms management while Financial Accounting provides information for various users.