What is the difference between managerial and financial accounting?
What will be an ideal response?
Answer: Whereas managerial accounting is concerned with preparing accounting information and analyses for managers and other decision makers inside an organization, financial accounting is concerned with preparing such information and analyses primarily for people outside the organization.
Explanation: Managerial accounting can be thought of as accounting information and analyses for those within the organization, and financial accounting can be thought of as such processes for those outside the organization (such as other companies, investors, and the government).
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The Merchandise Inventory account balance is $52,000. A physical count of inventory reveals that the actual inventory balance is $41,000. Which of the following would be included in the adjusting entry? (Assume a perpetual inventory system.)
A) a $41,000 credit to Merchandise Inventory B) a $52,000 debit to Cost of Goods Sold C) a $11,000 credit to Cost of Goods Sold D) a $11,000 credit to Merchandise Inventory
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Which of the following contributes to high project risk?
a. Probability of failure is low. b. If the project fails, the results can be easily rectified. c. The project is fully insured against failure. d. Consequences of project failure are serious.
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Indicate whether the statement is true or false