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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 1: Determine whether each of the following statement is true or false, and correct the false statement(s): 1 Management accounting focuses on reporting financial information to extemal parties (outsiders) such as investors, govemment agencies, banks, and suppliers based on Generally Accepled Accounting Principles (GAAP) or Intermativnal Financial Reporting Standards (IFRS). 2 Financial accounting measures, analyzes, and reports ftinancial and nonfinancial information to helps managers make decisions. Management accounting in producing information does not bave to follow standards or principles instead it uses many tools und techniques.
Transcribed Image Text:Question 1: Determine whether each of the following statement is true or false, and correct the false statement(s): 1 Management accounting focuses on reporting financial information to extemal parties (outsiders) such as investors, govemment agencies, banks, and suppliers based on Generally Accepled Accounting Principles (GAAP) or Intermativnal Financial Reporting Standards (IFRS). 2 Financial accounting measures, analyzes, and reports ftinancial and nonfinancial information to helps managers make decisions. Management accounting in producing information does not bave to follow standards or principles instead it uses many tools und techniques.
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