1. Primary users are external 2. Includes more nonmonetary information 3. Focuses more on the future 5. Controlled by GAAP 6. Used in managers' planning decisions 7. Focuses on the whole organization 8. Not constrained by GAAP 4. Uses many estimates and projections
1. Primary users are external 2. Includes more nonmonetary information 3. Focuses more on the future 5. Controlled by GAAP 6. Used in managers' planning decisions 7. Focuses on the whole organization 8. Not constrained by GAAP 4. Uses many estimates and projections
1. Primary users are external 2. Includes more nonmonetary information 3. Focuses more on the future 5. Controlled by GAAP 6. Used in managers' planning decisions 7. Focuses on the whole organization 8. Not constrained by GAAP 4. Uses many estimates and projections
Following are aspects of accounting information. Classify each as pertaining more to financial accounting or to managerial accounting.
Transcribed Image Text:1. Primary users are external
2. Includes more nonmonetary information
3. Focuses more on the future
5. Controlled by GAAP
6. Used in managers' planning decisions
7. Focuses on the whole organization
8. Not constrained by GAAP
4. Uses many estimates and projections
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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