In what way do financial statements differ from management accounts?

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They are primarily created for users outside the organizationThey involve more complicated processes and are difficult to compileThey represent a condensed version of accounting recordsThey are prepared based on the actual cost principleNone of the above

Explanation

Financial statements are mainly designed for external stakeholders such as investors, creditors, and regulators, whereas management accounts are intended for internal use. While both summarize financial data, the key difference lies in their audience and purpose.