Diff b/w accounting and financial accounting

Question

Accepted Answer

Accounting is a broader term that includes financial accounting as a subset. Financial accounting focuses on external reporting.

Accounting is a broader term that encompasses financial accounting.
Financial accounting focuses on external reporting and providing financial information to external stakeholders.
Financial accounting follows specific accounting principles and standards, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).
Financial accounting involves preparing financial statements, such as the balance sheet, income statement, and cash flow statement.
Financial accounting is primarily concerned with historical financial data and reporting on past performance.
On the other hand, accounting includes various other branches like management accounting, cost accounting, and tax accounting, which focus on internal reporting and decision-making within an organization.

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