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Financial accounting and management accounting both are utilized synonymously at the same time, but they are not the same as one another.
Their capacity and degree are distinctive despite the fact that they are identified with one another.
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Financial management happens to be relative, a new branch of accounting, which is implemented in managing an individual, business, or organization finances. It is targeted towards helping to improve or create the financial health of an organization by adding related resources, or by generating cash. Financial management, which is often referred to as the science of managing money, is put into use to ensure continuous and favorable cash flow in an organization, and also to help manage any risk involved.
The three elements of financial management are financial control, financial planning, and financial decision making. Defining ‘accounting’ according to the AICPA (American Institute of Certified Public Accountant), it is defined as the art of summarizing in a significant manner after recording and classification in terms of money, events, and transactions, which are of financial trait at least, and interpreting the result also. The two major types of accounting that we have are financial accounting and management accounting.
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