Question

what are differences in manageria accounting, financial accounting and financial management and what are the benefits for each and who are the individuals that utilize information gathered from each function

Answer 1

Managerial Accounting	Financial Accounting	Financial Management
It is the process that creates documents and reports that are helpful for management in the process of running the company.	It is the process of recording the transactions and events and determining the financial performance (i.e.profit/ loss) and financial position	It is the process of planning, organising, directing and controlling the financial activities such as raising of funds and utilisation of funds.It is like applying the principles of management to the financial resources of the company.
It benifits the management by supplying information useful in judging the managements ability to utilise enterprise resources effectively to acheive the management goals	It benifits the users by keeping proper chronological records of transactions and events along with complying various legal requirements like tax laws and company law etc.	It benifits the management in analysing the performance of the enterprise by applying various techniques like budgeting, forecasting, ratio analysis, cash flow analysis to know the financial strength etc
Users are Internal sources of enterprise like Directors, managers who are related to management of the enterprise	Users are mostly external people such as Investors, shareholders, Government, Loan providers like banks and financial institutions etc	Users are Internal sources of enterprise like Directors, managers who are related to management of the enterprise
It does not follow any particular principles and rules for its documentation as it is management specific. So its reporting differs from organisation to organisation.	It follows specific accounting principles and various other laws applicable to Industry. So here the reporting is in uniform manner for all the organisations in the Industry.	It mainly concentrates on preparing the reports about the financial health of the enterprise so that management can take the decisions for acheiving the long term and short term financial goals of the enterprise