QL. (20 marks) Management accounting and financial accounting provide different information for different purposes. Explain what this means and provide an example that illustrates the differences between management and financial accounting Ans. Management accounting means that it serves with the purposes of helping the managers and make them to take proper decisions. While Financial accounting provides information to enable stockholders, creditors, and other stakeholders to make informed decision it is also for the purpose to communicate related to financial position of the company The example out here is that if any company wants to make profit in the future so they look always towards the future and plan according to that And the management is that position in the company which looks after that all works are been accounted according to the plan ge *