Choose the answer that is not a distinguishing characteristic of financial accounting information.Multiple ChoiceOIt is more highly regulated than managerial accounting information.It is focused primarily on the future.It is more concerned with financial data than physical or economic data.It is global information that reflects the performance of the whole company.

Financial statement reflects the financial position and performance of the business entity by…

Answered: Choose the answer that is not a…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 1EA: Indicate whether each statement describes financial accounting or managerial accounting. The...

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Similar questions

An important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.
What are the key differences between financial accounting and managerial accounting?
Indicate whether each statement describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. The principal users are the organizations managers. The key focus is on the entity as a whole. The rules and principles are very flexible. The information gathered is usually available after an independent audit has been completed.
External users of accounting information would include ________________. employees managers investors supervisors
Should a managerial accounting system provide both financial and nonfinancial information? Explain.
Managers in decentralized organizations make decisions relating to all of the following except_______. A. the companys stock price B. equipment purchases C. personnel D. prices to charge customers
How do the subject matter of reports and the verification of reports differ between financial accounting and managerial accounting?
Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.
Which of the following is nor a common goal of an organization? A. operational efficiency B. being acquired by another business C. achieving strategic goals D. measuring financial performance
People affected by decisions made by a company, including Investors, creditors, employees, managers, regulators, customers, suppliers, and laypeople, are known as ________. A. quantitative factors B. qualitative factors C. stakeholders D. stockholders
What is the purpose of management accounting?
Which of the following statements correctly distinguishes between management and financial accounting? A. Financial accounting is oriented toward the future. B. Management accounting is oriented more toward the planning and control aspects of management. C. Financial accounting is primarily concerned with providing information for internal users. D. Management accounting reports on the whole organization. Reset Selection

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