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Financial accounting and managerial accounting are two branches of accounting that serve different purposes within an organization. Financial accounting focuses on recording and summarizing and reporting financial transactions to external stakeholders. These stakeholders could be banks, investors, or creditors. The purpose of financial accounting is to provide accurate and reliable financial information for decision-making, external reporting, and compliance with accounting standards. Managerial accounting focuses on providing internal information to assist managers and decision-makers when they are planning, controlling, and evaluating the organization's operations. The purpose is to support internal decision-making, budgeting, performance evaluation, and strategic planning. Both financial accounting and managerial accounting have relevance within the human resource field, however, they both serve different purposes. HR departments may utilize financial accounting information to manage aspects such as employee benefits, payroll, and compliance with tax and regulatory requirements. Financial statements can provide a look into the financial health of the organization and help in determining the budget for HR activities. HR departments can benefit from managerial accounting to evaluate the cost and effectiveness of HR programs, such as recruitment, training, and employee development. Managerial accounting data can help analyze the financial impact of HR programs and help make informed decisions regarding resource allocation.