Which of the following is a difference between managerial and financial accounting?
A. |
Managerial accounting reports non-monetary information whereas financial accounting reports both monetary and non-monetary information. |
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B. |
Managerial accounting prepares reports monthly whereas financial accounting prepares reports annually. |
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C. |
Managerial information is confidential whereas financial accounting information is publicly available. |
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D. |
Managerial accounting is used by government authorities whereas financial accounting is used by stockholders. |
Managerial and financial accounting both reports are prepare accordingly monetory information. managerial and financial accounting both can be prepare monthly and annually.
so difference between managerial and financial accounting is managerial accounting is confidential (internally) and financial accounting information is used publicly (externally)
so answer is c) Managerial information is confidential whereas financial accounting information is publicly available.
Which of the following is a difference between managerial and financial accounting? A. Managerial accounting reports...
[A Financial accounting information and managerial accounting information have a number of distinguishing characteristics. To submit your answer, number your answer space 1 through 10 (corresponding to the numbering of the items below). For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting by placing the letter "F" in the space to the left of the item and indicate those characteristics which are more closely associated with managerial accounting by placing the letter...
A Financial accounting information and managerial accounting information have a number of distinguishing characteristics. To submit your answer, number your answer space 1 through 10 (corresponding to the numbering of the items below). For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting by placing the letter "F" in the space to the left of the item and indicate those characteristics which are more closely associated with managerial accounting by placing the letter...
In the context of managerial accounting, relevant information is information that will make a difference in the decision. is information that has been provided by the controller. must be provided in quantitative terms. must be reviewed by the chief financial officer before being provided to managers. Good managerial accounting information helps creditors decide on good credit risks. managers to do their jobs. stockholders make informed investment decisions. creditors assess liquidity. Which of the following is a characteristic of managerial accounting...
Exercise 19-1Richard Larkin has prepared the following list of statements about managerial accounting and financial accounting. Identify each statement as true or false.1. Financial accounting focuses on providing information to internal users.2. Analyzing cost-volume-profit relationships is part of managerial accounting.3. Preparation of budgets is part of financial accounting.4. Managerial accounting applies only to merchandising and manufacturing companies.5. Both managerial accounting and financial accounting deal with many of the same economic events.6. Managerial accounting reports are prepared only quarterly and annually.7....
Accounting 1. What is the difference between financial accounting and managerial accounting? As the managet for a firm, which one will you be more concerned with and why?
Define Managerial Accounting and explain the difference between Financial and Managerial Accounting. PLEASE BE VERY DETAILED :)
Which of the following statements best describes managerial accounting? A. Managerial accounting focuses on outside investors and lenders. B. Managerial accounting focuses on information for internal decision making. C. Managerial accounting provides information for the public. D. Managerial accounting provides information for taxing authorities.
Which of the following statements represents a similarity between financial and managerial accounting? Both are useful in providing information for external users. Both are governed by GAAP. Both draw upon data from an organization's accounting system. Both rely heavily on published financial statements. Both are solely concerned with historical transactions.
Which of the following statements about managerial accounting is false? Financial accounting is based on reliable, historical information, while managerial accounting is based on relevant, forward-looking information. The Chief Operating Officer is responsible for managing financial risk within an organization, and both the Treasurer and the Controller typically report up to the COO. Managerial accounting is focused on reporting the results of segments within a business, while financial reporting is focused on reporting the results of the consolidated company as...
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility. Financial reporting is restricted by Generally Accepted Accounting Principles whereas reporting in Managerial Accounting has fewer rules. a) Why is it permissible to violate Generally Accepted Accounting Principles when preparing reports used strictly by company management? b) Should external users always have the same information as internal users? Explain. 2. The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB)...