Reports prepared in financial accounting are general-purpose reports whereas reports prepared in managerial accounting are usually special-purpose reports.

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Reports in financial accounting are prepared for external users and are intended to provide a general overview of an organization's financial position and performance. On the other hand, reports in managerial accounting are prepared for internal users and are designed to provide specific information to facilitate decision-making and control within the organization. Therefore, reports in managerial accounting are usually special-purpose reports.

Reports Prepared in Financial Accounting Are General-Purpose Reports Whereas Reports