---**Discussion Forum Question:** As a decision-maker, what are the major differences between managerial accounting and financial accounting and how would you apply the information from each?---This question invites participants to delve into the distinct roles and applications of managerial accounting versus financial accounting. Discuss how each type of accounting contributes differently to decision-making processes within an organization.

Managerial accounting is the presenting of financial facts to management for internal use in making…

Answered: Discussion Forum Question: As a…

Discussion Forum Question: As a decision- maker, what are the major differences between managerial accounting and financial accounting and how would you apply the information from each?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 10MC: Which of the following statements is incorrect? The practice of management accounting is fairly...

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Managerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAP
Should a managerial accounting system provide both financial and nonfinancial information? Explain.
When managerial accountants design an evaluation system that is based on criteria for which a manager is responsible, and it is structured to encourage managers to make decisions that will meet the goals of the company as well as their own personal job goals, the framework used is _______. A. a controllable factors framework B. an uncontrollable factors framework C. a strategic plan framework D. a responsibility accounting framework
Explain how managerial accountants help managers plan, control, and evaluate.
What are the key differences between financial accounting and managerial accounting?
An important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.
An effective managerial accounting system should track information about an organizations activities in which of the following areas? a. Development b. Marketing c. Production d. Design e. All of these.
The managerial decision-making process has which of the following as its third step? A. Review, analyze and evaluate the results of the decision. B. Decide, based upon the analysis, the best course of action. C. Identify alternative courses of action to achieve a goal or solve a problem. D. Perform a comprehensive differential (differential) analysis of potential solutions.
Who are the primary users of the information gathered by managerial accountants?
Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.
Briefly explain the practice of enterprise risk management and the role that can be played by managerial accountants in enterprise risk management.
What is the purpose of management accounting?