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Management accounting is a field of accounting that analyzes and provides cost information to the internal management for the purpose of planning, controlling and decision making. More specifically, it refers to the process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of financial information used by management to plan, evaluate and control within an organization and to ensure appropriate use of and accountability for its resources.
Financial accounting: is a discipline concerned with the provision of information to external parties outside the organization. It’s the process of measuring, classifying, summarizing, and reporting financial information used in making economic decisions. It’s also concerned with the preparation of financial statements to be used by the firm’s stakeholders.