Final answer:
Managerial accounting focuses on short-term, internal planning and decision-making, while financial accounting focuses on long-term, historical financial information for external use by investors and regulators.
Step-by-step explanation:
The time horizon of managerial accounting tends to focus on short-term planning and decision-making, as it aids in the day-to-day operational management of a company. Managerial accounting information includes budgets, forecasts, and various internal financial analyses, and is typically used within an organization for making decisions that could affect operations in the near future.
On the other hand, financial accounting is often concerned with the long-term, focusing on historical financial information that is used by external parties such as investors, creditors, and regulators to assess the overall financial health and performance of an organization. Financial reports, such as income statements, balance sheets, and cash flow statements, are used to provide a summary of the company's financial activity over a past period, usually a fiscal quarter or year.