Final answer:
Financial accounting focuses on reporting past financial performance while management accounting is oriented towards future planning and decision making, aiding in intertemporal decision making.
Step-by-step explanation:
The main difference between Financial and Management Accounting in terms of Time Focus relates to the orientation each form has concerning financial information and decision-making. Financial accounting is historically oriented; it provides reports based on historical data that help stakeholders assess an entity's past performance.
In contrast, management accounting is future-oriented. It encompasses both historical and predictive data and assists management in planning, decision-making, and control. It supports the decision-making process through forecasts, budgets, and various analytical tools that anticipate future business conditions and guide managers in resource allocation and strategic planning.