S1-2 Contrast managerial and financial accounting (Learning Objective 2) Managerial accounting differs from financial accounting in several areas. Specify whether each of the following characteristics relates to managerial accounting or financial accounting. 2-12 a. Reports are usually prepared quarterly and annually. b. Information is verified by external auditors. Focus is on the past. C. d. Main characteristic of information is that it must be relevant. e. Reports tend to be prepared for the parts of the organization rather than the whole organization. ornal (i o company managers)

S1-2 Contrast managerial and financial accounting (Learning Objective 2) Managerial accounting differs from financial accounting in several areas. Specify whether each of the following characteristics relates to managerial accounting or financial accounting. 2-12 a. Reports are usually prepared quarterly and annually. b. Information is verified by external auditors. Focus is on the past. C. d. Main characteristic of information is that it must be relevant. e. Reports tend to be prepared for the parts of the organization rather than the whole organization. ornal (i o company managers)

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

S1-2 Contrast managerial and financial accounting (Learning Objective 2)
Managerial accounting differs from financial accounting in several areas. Specify whether
each of the following characteristics relates to managerial accounting or financial
accounting.
2-12
a. Reports are usually prepared quarterly and annually.
b. Information is verified by external auditors.
Focus is on the past.
C.
d. Main characteristic of information is that it must be relevant.
e. Reports tend to be prepared for the parts of the organization rather than the whole
organization.
ornal (i o
company managers)

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