What are the differences between managerial accounting and financial accounting? From a career standpoint, which type do you prefer and why?
What will be an ideal response?
Answers will vary. Managerial accounting provides managers and employees within the organization with the information needed for decision-making while financial accounting generates financial statements of interest to people outside of the organization.
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The key idea in successful nichemanship is specialization. Which of the following specialists would most closely be identified with the characterization of being an organization that limits its selling to one customer?
A) end-user specialist B) vertical-level specialist C) customer-size specialist D) specific-customer specialist E) quality-price specialist
For monetary-unit sampling, a sampling interval of 400 means that:
A. the average misstatement in sample items is $400. B. every 400th dollar in the account will be included in the sample. C. the average size of items in the account is 400. D. every 400th item in the account will be selected in the sample.
Directors and officers may usurp a corporate opportunity.
Answer the following statement true (T) or false (F)
Which of the following statements is true of the factors to be considered by a businessperson before appealing a decision?
A) Appellate courts are usually composed of a grand jury. B) A favorable ruling in an appellate court has precedential value. C) Attorneys are less expensive to hire for an appeal than an initial trial. D) The appeal should not allege that a prejudicial error occurred during the trial.