Financial accounting focuses on reporting past financial performance to external stakeholders, while management accounting focuses on providing information for internal decision-making and planning.

Financial accounting focuses on future financial performance, while management accounting focuses on reporting past performance.

Financial accounting and management accounting are the same and can be used interchangeably.

Financial accounting is used for internal decision-making, while management accounting is used for external reporting.

Direct costs, indirect costs, fixed costs, variable costs, and semi-variable costs

Total costs, average costs, and marginal costs

Operating costs, production costs, and administrative costs

Direct costs, indirect costs, variable costs, and fixed costs

Cost-volume-profit analysis is a financial accounting technique that examines the relationship between revenue and expenses.

Cost-volume-profit analysis is a human resources technique that examines the relationship between employee costs and productivity.

Cost-volume-profit analysis is a management accounting technique that examines the relationship between costs, volume of production, and profit.

Cost-volume-profit analysis is a marketing technique that examines the relationship between costs and sales volume.

A budget is a type of financial report used to track employee attendance in management accounting.

A budget is a financial plan used to set targets, allocate resources, monitor performance, and make strategic decisions in management accounting.

A budget is a form of legal documentation used to file taxes in management accounting.

A budget is a tool used to measure customer satisfaction in management accounting.

Variance analysis is the method of comparing actual costs and revenues with industry averages to identify and explain differences.

Variance analysis involves comparing actual costs and revenues with budgeted or standard amounts to identify and explain differences.

Variance analysis is the process of comparing actual costs and revenues with competitors' data to identify and explain differences.

Variance analysis involves comparing actual costs and revenues with historical data to identify and explain differences.

Number of employees

Customer satisfaction

Financial and non-financial metrics

Company's mission statement

Management accounting only provides irrelevant financial information

Management accounting is only used for record-keeping purposes

Management accounting has no role in decision-making

Management accounting provides relevant financial information to help management make informed decisions.

Fixed costing, variable costing, and standard costing

Direct costing, indirect costing, and differential costing

Job costing, process costing, activity-based costing, and marginal costing

Historical costing, absorption costing, and uniform costing

By ignoring financial information and analysis

By providing valuable financial information and analysis for formulating strategic plans and monitoring performance.

By providing inaccurate financial information and analysis

By focusing only on short-term goals and neglecting long-term strategic planning