How Does Managerial Accounting Differ from Other Types of Accounting?

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How Does Managerial Accounting Differ from Other Types of Accounting?
There are several types of accounting, such as financial accounting, tax accounting, audit accounting, cost accounting, government accounting and managerial accounting. Each of these areas is specialized and distinct from the other. For purposes of this discussion we will compare and contrast financial accounting and managerial accounting.
Characteristic One: Future Performance—Not Past
One of the primary differences between financial accounting and managerial accounting is that financial accounting reports on a firm’s past performance, and managerial accounting uses financial information to make estimates regarding a firm’s future performance. While financial accounting...

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