Which of the following statements does not describe a characteristic of management accounting? A) Management accounting places a great deal of emphasis on the future. B) Management accounting must conform to GAAP. C) Management accounting is more concerned with individual segments of the organization rather than with the organization as a whole. D) Approximate amounts rather than accurate amounts are often used in management accounting. E) More than one of the above statements does not describe a characteristic of management accounting.

Which of the following does not describe a management control system? A. establishes a companys strategic goals B. implements a companys strategic goals C. monitors a companys strategic goals D. a system that only measures profitability

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?