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Financial accounting includes recording, summarizing and reporting transactions all related to business operations. Financial accounting is used to prepare financial statements for internal and external use. They generate information needed to track businesss gains and losses. Ultimately financial accounting is used for business performance and decision making.

Managerial accounting is different from financial accounting because it, identifies, measures, analyzes and interprets financial statements, while financial accounting does the recording and tracking. They work hand and hand but do the opposite. Managerial accounting helps with planning and setting goals. To summarize financial accounting and managerial accounting they are different because one records and tracks transactions while the other analyzes and interpret transaction. One is used for planning and the other is used for financial decision making. They are similar because they work hand and had together to ultimately help a business thrive.

Managerial accounting would be useful I my current and future job because, it involves planning and analyzing in order to reach a specific goal.