Both financial and managerial accounting are important to a company's success. Which do you think contributes more to this success, and why? Who are the users of managerial accounting? Why is the term “relevant” important in the effectiveness of managerial accounting?

Both financial and managerial accounting are important to a company's success. Which do you think contributes more to this success, and why? Who are the users of managerial accounting? Why is the term “relevant” important in the effectiveness of managerial accounting?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Both financial and managerial accounting are important to a company's success. Which do you think contributes more to this success, and why?
Who are the users of managerial accounting?
Why is the term “relevant” important in the effectiveness of managerial accounting?

Definition Definition Process by which financial information is analyzed, interpreted, and communicated to managers to support the achievement of an organization's goals. The main objective of managerial accounting is to maximize profits and minimize losses.

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