Conceptually, the main difference between financial accounting and managerial accounting is that _____. a. public accountants are engaged in financial accounting and private accountants are engaged in managerial accounting.  b. financial accounting information is mainly designed for external users while managerial accounting information is designed for internal users.  c. cost accounting is required for managerial accounting, but not for financial accounting.  d. GAAP can be used for financial accounting, but not for managerial accounting.  e. none of these.

Q: Managerial accounting a. is primarily for external users. b. has no mandatory rules. c, provides…

A: Managerial accounting is focused on providing information to managers.   This helps the managers in…

Q: Manufacturing Accounting is different from Financial Accounting...what is the  nature and purpose of…

A: Departmental accounting is system of bookkeeping where the transactions of all the departments…

Q: Managerial accounting information provides both financial and nonfinancial information to a…

A: There are two branches of accounting. One is financial accounting and other is managerial…

Q: Identify the true statement in relation to management accounting a . There are structured standards…

A: Management accounting relates to the process of collecting, analyzing, interpretation and…

Q: Explain the factors that cause fraud in managerial accounting.

A: Introduction: The discussion about fraud: Consideration of Fraud in a Financial Statement Audit the…

Q: Internal users of accounting information: Multiple Choice Are not directly involved in operating a…

A: Generally, internal users of the financial information are the people within the organization who…

Q: A key difference between management accounting and financial accounting reports is that management…

A: Accounting is related to recording business transactions. The account has a different aspects like…

Q: Following are aspects of accounting information. Classify each as pertaining more to financial…

A: Meaning of Financial Accounting Financial Accounting is the recording of the business transactions…

Q: Which of the following is a characteristic of Managerial Accounting? A) Users include investors and…

A: Managerial accounting -   managerial accounting is the process of - Identification  - measurement…

Q: Managerial accounting: A.Is based on GAAP B.Includes only financial measure C.Is designed for…

A: Managerial accounting is primarily concerned with assessing the internal requirements of firms and…

Q: Managerial accounting’s reports are prepared more frequently than financial accounting’s reports. *

A: Managerial accounting helps the management in making decisions like buying or making, discontinuing…

Q: Cost and management accounting OA. require and entirely separate group of accounts than financial…

A: Cost and management accounting aids companies in determining the costs of materials, projects, and…

Q: difference between a financial accountant and a managerial accountant

A: The financial statement shows the financial data of the company which provides the financial…

Q: 1. Describe cost management and explain how it differs from financial accounting. 2   Identify…

A: Cost management is a process by which companies control and plan the costs of doing business. It…

Q: What are some of the uses that management may make of accounting information about individual…

A: In a company, generally, various divisions have been made according to the type and flow of work.…

Q: The two primary qualities that make accounting information useful for decision making are:…

A: Accounting information is important for top management. It provides details of financial statements.

Q: The type of accounting that is related to cost ascertainment and control is: a. Cost accounting b.…

A: Financial accounting helps in preparation and presentation of financial statements Taxation…

Q: Which of the following statement is incorrect? Select one: a. Cost accounting is not required by law…

A: Financial accounting, management accounting and cost accounting are three different forms of…

Q: 1. State whether the following questions is True (T) or False (F). a. Management accounting is…

A: Branches of Accounting- Accounting has basically many branches included in it, some of which are…

Q: 1. Managerial accounting information is generally prepared for _______ a. Tax authorities b.…

A:

Q: Explain the characteristics of contingency theory of management accounting. What are some of the…

A: According to the contingent theory of management accounting, there is no one optimal strategy for…

Q: Distinguish  between Managerial Accounting and Financial Accounting with respect to the primary…

A: The process of recording, summarising, and reporting to the public or regulators the flow of…

Q: There is a relationship between cost accounting, financial accounting, and management accounting.…

A: Financial and management accounting are two of the most important branches of accounting. They are…

Q: origin of management accounting is due to limitations of Financial accounting and cost accounting

A: Management accounting is the collection of data and generation of information from it in the forms…

Q: 43.Managerial accounting is similar to financial accounting in that   a. both are governed by…

A: Managerial accounting is similar to financial accounting in that both deal with business and…

Q: Discuss five major differences between financial accounting and managerial accounting. How do…

A: Accounting: Accounting includes Book keeping and analysis, interpretation of business transactions.

Q: Which of the following are characteristics of management accounting information?

A: Statement 1: Non-financial as well as financialThis means that control accounting information…

Q: Financial accounting provides information for managers and other internal users. Select one:…

A: Financial statement are prepared by the management for users decisions making. Financial statements…

Q: Managerial Accounting utilizes both financial and non-financial data of a company. Select one: O…

A: Managerial accounting is the process of identifying, assessing, analyzing, interpreting, and…

Q: What are the main differences between managerial and external accounting?

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Managerial accounting adds value to the organization through provides managers with financial…

A: Managerial accounting involves the presenting the financial information for internal purposes to be…

Q: Identify the following as True or False:A. Managerial accounting reports must comply with the rules…

A: Managerial accounting is concerned with a company's inner financial operations, whereas financial…

Q: True / False Determine whether each sentence is True or False: Financial accounting reports are…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: When preparing financial statement, accountants or auditors will determine an amount which is not…

A: It is practically not possible for an auditor to audit all the transactions in an accounting system.…

Q: is not an objective of managerial accounting? a. To prepare external reports for investors,…

A: Management accounting is important because it help us to  analyse in order to make better decisions…

Q: Identify the following statements as either True or False: 1. Financial accounting reports pertain…

A: Accounting is an art of systematically recording, classifying and summarising financial transactions…

Q: Managerial accounting reports are used by external users unlike financial accounting. TRUE FALSE

A: Managerial accounting reports are strictly for use by internal users i.e. management. However…

Q: Managerial accounting is different from financial accounting in that

A: Managerial accounting is the branch of accounting which deals with the forecasting, predictions or…

Q: Explain how management accounting should not fit the straitjacket of financial accounting.

A: Definition: Management accounting is concerned with the financial and non-financial data that help…

Q: Evaluating employee performance and making strategic decisions are two examples of how managerial…

A: Examples of how managerial accounting information is used, Evaluating Employees Performance Making…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.