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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Conceptually, the main difference between financial accounting and
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.
Which of the choices is correct?
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