Financial accounting follows Generally Accepted Acccounting Principles (GAAP), while managerial accountingSelect one:O a. develops financial statements for external usersOb. often has the financial information auditedOc. is concerned with collecting data of historical natureOd. develops reports primarily prepared for internal use and help management make informed operational decisions.

Financial accounting and management accounting are two important branches of accounting. Financial…

Financial accounting follows Generally Accepted Acccounting Principles (GAAP), while managerial accounting Select one: O O a. develops financial statements for external users b. often has the financial information audited c. is concerned with collecting data of historical nature O d. develops reports primarily prepared for internal use and help management make informed operational decisions.

Financial accounting follows Generally Accepted Acccounting Principles (GAAP), while managerial accounting Select one: O O a. develops financial statements for external users b. often has the financial information audited c. is concerned with collecting data of historical nature O d. develops reports primarily prepared for internal use and help management make informed operational decisions.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 2EA: Identify the following as True or False: Managerial accounting reports must comply with the rules...

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Similar questions

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.
Identify the following as True or False: Managerial accounting reports must comply with the rules set in place by the FASB. Financial accounting reports are typically general-purpose reports. Financial accounting reports pertain to the entity as a whole, whereas managerial accounting focuses more on subunits of the organization. The main users of the financial accounting information are the internal users. Managerial reports are prepared on an as-needed basis. Financial accounting reports often must be audited at least annually by an independent auditor.
Which one of the following components of internal control over financial reporting sets the tone for the organization? a. Risk assessment. b. Control environment. c. Information and communication. d. Monitoring.
External users of accounting information would include ________________. employees managers investors supervisors
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.
An effective managerial accounting system should track information about an organizations activities in which of the following areas? a. Development b. Marketing c. Production d. Design e. All of these.
All of the following are examples of managerial accounting activities except ________. A. preparing external financial statements in compliance with GAAP B. deciding whether or not to use automation C. making equipment repair or replacement decisions D. deciding whether or not to use automation
Management accounting: emphasizes special-purpose information relates to the company as a whole is limited to strictly cost figures is controlled by GAAP
Should a managerial accounting system provide both financial and nonfinancial information? Explain.
Which of the following adequately describes Management Accounting? It is the process of identifying, measuring and: a. analysing financial information b. accumulating information developed for external users c. analysing information d. accumulating information developed for managers
Which of the following characteristics does NOT pertain to management accounting?A. Has externally imposed standardsB. Provides information and estimates about future activityC. Provides financial and operating data multidisciplinary in scopeD. Generates specific-purpose financial statements and reports
Which of the following characteristics does NOT pertain to management accounting? OA. Has externally imposed standards O B. Provides information and estimates about future activity OC. Provides financial and operating data multidisciplinary in scope D. Generates specific-purpose financial statements and reports