FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Which of the following are characteristics of
1. Non-financial as well as financial
2. Used by all stakeholders
3.Concerned with cost control only
4. Not legally required
a) 1 and 4
b) 2 and 3
c) 1, 2, and 3
d) 2, 3, and 4
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- Which of the following statements is false? O a. Managerial accounting does not need to conform to GAAP. O b. Managerial accounting sometimes relies on past information. Oc. There is no overlap between financial and managerial accounting. O d. Financial accounting must conform to GAAP.arrow_forwardExplain differential effects on accounting standards.arrow_forwardFrom a financial accounting perspective, the main purposes of a system of internal control are to improve the accuracy and reliability of accounting information and to safeguard assets. True or False True False G + 100% Oarrow_forward
- Which of the following statements is false? a.Financial accounting must conform to GAAP. b.Managerial accounting sometimes relies on past information. c.Managerial accounting does not need to conform to GAAP. d.There is no overlap between financial and managerial accounting.arrow_forwardIdentify and explain as an example at least 3 scenarios (related with ethics in management accounting only) where Credibility is not followed so that staff may have a better understanding of these guidelines?arrow_forward
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