Management vs. financial accounting and managers’ use of information
[5 min]
The following statements consider how managers use information.
a. Companies must follow GAAP in their____accounting systems.
b. Financial accounting develops reports for external parties, such as____and____.
c. When managers compare the company’s actual results to the plan, they are
performing the____role of management.
d. _____are decision makers inside a company.
e. _____accounting provides information on a company’s past performance.
f. _____accounting systems are not restricted by GAAP but are chosen by comparing the costs versus the benefits of the system.
g. Choosing goals and the means to achieve them is the____function of management.
Requirement
1. Complete each blank with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.
Budget
Creditors
Managers
Planning
Controlling
Financial
Managerial
Shareholders
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