Financial and management accounting typically rely on the same underlying financial data but there are major differences on the emphasis and information provided. For each statement, enter the letter for the chosen response in the answer. Financial Accounting Management Accounting Each response can be used once or multiple times. Each match is worth one mark. Budget variance reporting for managers A. Financial External standards (GAAP) B. Management Focus on budgets and forecasts Includes non-financial performance measures Information primarily for investors and creditors Supports day to day decision making Tax remittances and returns Year over year corporate financial results