What is the difference between Financial Accounting and Managerial Accounting?

In a nutshell, management accounting is a field of accounting that analyzes and provides cost information to the internal management for the purposes of planning, controlling and decision making.
Financial accounting, on the other hand, is concerned with providing information to stockholders, creditors, and others who are outside an organization.

Financial Accounting is concerned with the collection, recording, classification and presentation of financial data to serve the purposes of the management, shareholders and stakeholders, such as, creditors, bankers, Government, etc.Management accounting is largely concerned with providing economic information to managers for achieving organisational goals

Financial Accounting and Management Accounting are two stages in the development of the science of accounting.
But they differ in many respects as below: Financial Accounting is a system of recording, classifying & summarising the accounting information of a business, it's concerned with the preparation of books of accounts, final accounts and balance sheet.
Is to satisfy the statutory formality and strict principles and rules of reporting to the shareholders, creditors, government etc, in this way it plays only historical function with all monetary transactions and meant of external use, Focuses on past events and financial accounting is subject to audit and publication, and legal compulsory for every joint stock company.
Management Accounting is concerned with the presentation of accounting information to assist the management, informer to managers and not with the preparation of accounts (no prescribed form).
Is to help the internal management for efficient performance, action and decision making.
It plays a managerial function and is meant for internal use (service activity) without any rule or regulation and it’s selective.
Focuses attention on future with forward looking approach with discipline like Economics, Statistics, Mathematics, Engineering and Law.
And it provides details and data expensive and intensive composition (cost benefit analysis/marginal costing/comparative and common size statements with ratio/fund/cash/trend analysis), reasons and inter relations of the figure.
Management Accounting is not subject to audit and publication.
Management accounting has no such legal compulsion.

Financial Accounting deals with transaction recording, Posting, Classifying, Analyzing, and Interpreting the data.
It also represents the financial position of the organization to its shareholders, Board of Directors, financial institutions and other investors.
The financial reports based on annual data or financial statement of the company based on public company.
Management Accounting is used by top hierarchy for decision making for day to day operations or activities of a business.
It is based on current and future trends but no link with past operations, management accounting is much rely on predictions of market forecasting.
The difference between them are, The Management accounting is presented internally, whereas financial accounting is meant for external stakeholders.

Financial accounting is the traditional meaning of accounting that are recording transaction in shap of journal entry in daily book, then posting them to general ledger, then posting to trail balance, then posting to balance sheet and prepare financial statment.
But managerial accounting or sometime called advanced accounting is more advanced than financial accounting as it is mainly focused in financial statement and how we can use finanacial statement for making decisions by analyzing numbers in that financial statement calculatiing variences and how to make decisions from the result of variences also how to evaluate performance through the numbers in financial statement also how to build budgets for a company by using different ways such as incremental method, continuous method, ABC method, bechmarking method, reenginering method and so on.
So managerial accounting is more wide in its mean than financial accounting.

Financial accounting has its focus on the financial statements which are distributed to stockholders, lenders, financial analysts, and others outside of the company.
Managerial accounting has its focus on providing information within the company so that its management can operate the company more effectively.

Management accounting  is used to provides information to people within an organization while financial accounting for those outside it, like shareholders

Financial accounting is required by law while management accounting is not.

• Financial accounting covers the entire organization where as management accounting may be concerned with specific products or cost.

Financial accounting reports are prepared for the use of external parties such as shareholders and creditors, whereas managerial accounting reports are prepared for managers inside the organization.