3) The purpose of financial accounting is to provide general-purpose information for all users like external auditors for example. The purpose of managerial accounting is to provide special purpose information for specific decisions. 4) Differences in the content of the reports are as follows: Financial Managerial Pertains to business as a whole and is highly Pertains to subunits of the business and aggregated; may be very detailed. Limited to double-entry accounting and cost Extends beyond double-entry accounting data system to any relevant data. . Generally accepted accounting principles. Standard is relevance to decisions. In financial accounting, financial statements are verified annually through an independent audit by certified public accountants. There are no independent audits of internal reports issued by managerial accountants. 3) The purpose of financial accounting is to provide general-purpose information for all users like external auditors for example. The purpose of managerial accounting is to provide special purpose information for specific decisions. 4) Differences in the content of the reports are as follows: Financial Managerial Pertains to business as a whole and is highly Pertains to subunits of the business and aggregated; may be very detailed. Limited to double-entry accounting and cost Extends beyond double-entry accounting data system to any relevant data. . Generally accepted accounting principles. Standard is relevance to decisions. In financial accounting, financial statements are verified annually through an independent audit by certified public accountants. There are no independent audits of internal reports issued by managerial accountants