Financial accounting will show the reports of the whole business while managerial accounting will show the reports with more detailed information available. There are times when this can be done from one department to another to ensure that all of the right details will become available.
Financial accounting is used in order to create different financial statements and they can be distributed within and outside the company. Managerial accounting may come with a lot of estimates that may occur in the long run. The details of managerial accounting are normally just available within the company and it will not be distributed outside.
Accounting is a broad field where there are many different avenues to take. If you are a college student interested in numbers, you may want to go into accounting. However, you will need to determine which type of accounting you would like to do. There are two types, including managerial accounting and financial accounting. Managerial accounting has to do with managing accounts for a company so that they help the company decide how they are going to plan and control their company.
Financial accounting has to do with the stockholders and other people who do not belong to the company. The big difference between managerial accounting and financial accounting has to do with who they represent and are working for.