Describe the difference between financial accounting and managerial accounting.
What will be an ideal response?
These two categories different according to the people they are designed to serve. Financial accounting is intended primarily for use by external decision makers such as investors, creditors, and the Internal Revenue Service. Managerial accounting is mainly used by internal decision makers such as company managers.
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Sunshine Cell Phone Company offers to buy a laser printer, with a case of paper and an extra cartridge, from Office Products, Inc. (OPI), for $200. Paul, OPI's representative, says, "Okay, but no paper and no extra cartridge." Paul has
A. accepted the offer. B. made a counteroffer without rejecting the offer. C. rejected the offer and made a counteroffer. D. rejected the offer without making a counteroffer.
What is the missing amount in this physical flow of units?Work in process, April 1100,000gallonsUnits started in April850,000gallonsUnits completed during April? Work in process, April 30200,000gallons
A. 1,150,000 gallons B. 750,000 gallons C. 950,000 gallons D. 650,000 gallons E. None of these answers is correct.
Cost predictions relevant to repetitive decisions typically can draw on a large amount of historical data.
Answer the following statement true (T) or false (F)
The most important developments that have reduced banks' cost advantages in the past twenty years include
A) the elimination of Regulation Q ceilings. B) the competition from money market mutual funds. C) the growth of securitization. D) all of the above. E) only A and B of the above.