Question 1 A major difference between financial accounting and management accounting is the focus on users of information. The external reporting that is financial accounting, is therefore said to be insufficient for managers to perform their managerial functions. Required: a. Contrast financial and management accounting on the basis of user orientation, purpose of information, level of aggregation, conformance to accounting standards and data orientation towards past or future. 10 marks b. Based on your answer in (a), why do you think financial accounting is insufficient for management to plan, control and decisions? Elaborate by including the different requirement of management accounting information for senior managers, middle managers and operation managers. 15 marks