Question

ACC2310_LAB_1 (2) - Protected View - Saved - O Search esign Layout virkjashne References Mailings Review View Help the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing 1.1.1.2.1.3 1.4 1.5 1.6 1.7 1.89.1.10 11 12 13 14 15 1 16 Managerial Accounting Lab 1 EXERCISE 1-1 Differentiating Between Managerial and Financial Accounting (L01 - CC2] Classify the following activities as primarily managerial accounting or financial accounting: a. Preparing a cash budget for the next quarter. b. Analyzing the profitability of a request from a potential customer. C. Accumulating the transactions for the previous six months to prepare an income statement d. Preparing a weekly performance report for the branch manager. e. Preparing an announcement to be released to the financial analysts.

Answer 1

Financial accounting deals with creating financial statements for internal and external users of accounting information. managerial accounting deals with creation of reports for the internal operations only. Classify into financial and managerial accounting as follows: A 1 a 2 b 3 c 4 d 5 e B с Preparing a cash budget for next quarter Managerial accounting Analyzing profitability of a request from potential client Managerial accounting Accumulating the transactions for the previous 6 months to prepare an income statement Financial accouting Preparing weekly performance report for the branch manager Managerial accounting Preparing an announcement to be released to financial analysts Financial accouting As per guidelines only one first question needs to be answered from a set of multiple questions. Please post other questions separately.