Managerial accounting must follow GAAP. Financial accounting does not. There is no significant difference between financial and managerial accounting. Managerial accounting provides information for internal use and financial accounting provides information to external users. Financial accounting data is based on the actual transactions of the business. Managerial accounting is based solely on estimated. 

What is the primary difference between managerial and financial accounting?

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The primary difference between managerial and financial accounting lies in t... View the full answer