Relationships to Economics: There are two important linkages between economics … Accounting, though, is chiefly focused on record keeping and the analysis of records of spending and income within a company. Two branches of economics i.e. Managerial economics has been influenced by the developments in management theory and accounting techniques. sampling is very useful in data collection. The most important difference between financial accounting and management (managerial) accounting are explained here in points. Economics is social science that is concerned with the production of goods and services, distribution and consumption of those goods and services, and transfer of wealth between entities within a country or across regions. Financial management has a close relationship to Economics on the one hand and accounting on the other. It is recording the financial operation of a business firm. Managerial economics makes use of correlation and multiple regression in business problems involving some kind of cause and effect relationship. Accounting refers to the recording of pecuniary transactions of the firm in certain books. Accounting can be divided into several fields like Financial Accounting, management accounting, tax accounting, and cost accounting.The two main types are: Financial Accounting: Reporting financial information to external users like creditors, suppliers, government agencies, analysts, etc. Managerial Economics and Accounting: Managerial economics is closely related to accounting. Cost Accounting is a branch of accounting, which has been developed because of the limitations of Financial Accounting from the point of view of management control and internal reporting. For eg. Accounting, finance and economics are all related fields, and all often focus on the flow of money. micro economics and macro economics are the major contributors to managerial economics. The MSc Managerial and Financial Economics at HEC Paris is a unique program that provides key knowledge in economics and finance as well as strong analytical and numerical skills. Managerial Economics is basically a blend of Economics and Management. "Business (= Management) Economics" consists of those concepts and analysis techniques useful in understanding the "why" of business economic performance. Micro Economics is the study of the behaviour of individual consumers and firms whereas microeconomics is the study of economy as a whole. Economics vs Managerial Economics . One such difference is, financial accounting records only quantitative information but the management accounting records both the quantitative or qualitative information. Managerial accounting is the practice of identifying, measuring, analyzing, interpreting, and communicating financial information to managers for the pursuit of an organization's goals.