Differences between financial and managerial accounting

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What are the differences between financial and managerial accounting? Why does financial accounting have to comply with GAAP but managerial doesn't? What types of decisions can be made using financial accounting information? What types of decisions can be made using managerial accounting?

Major differences are:

1) Financial Accounting is an art of recording, summarizing and interpreting the financial transactions of an organization. It provides us the financial statements such as balance sheet, income statement and cash flow statement.
Management accounting provides information to the management for decision making.

2) Management accounting gives the ...