Financial accounting is an art of recording, summarizing and presenting the financial information in a appropriate output. The person who does accounting is called “Accountant”. The accountant follows some principles to do the Accounting; the principles are called ‘Accounting Principle’. Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers and his team. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is helps us to find out the profit of business. To identify: Primary difference leads to other differences in managerial and financial accounting.

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Answer 1

Question

Chapter 1, Problem 2Q

To determine

Concept introduction:

Financial accounting is an art of recording, summarizing and presenting the financial information in a appropriate output. The person who does accounting is called “Accountant”. The accountant follows some principles to do the Accounting; the principles are called ‘Accounting Principle’.

Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers and his team. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is helps us to find out the profit of business.

To identify:

Primary difference leads to other differences in managerial and financial accounting.

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Answer 2

Question

Chapter 1, Problem 2Q

To determine

Concept introduction:

Financial accounting is an art of recording, summarizing and presenting the financial information in a appropriate output. The person who does accounting is called “Accountant”. The accountant follows some principles to do the Accounting; the principles are called ‘Accounting Principle’.

Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers and his team. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is helps us to find out the profit of business.

To identify:

Primary difference leads to other differences in managerial and financial accounting.

Expert Solution & Answer

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Answer 3

Question

Chapter 1, Problem 2Q

To determine

Concept introduction:

Financial accounting is an art of recording, summarizing and presenting the financial information in a appropriate output. The person who does accounting is called “Accountant”. The accountant follows some principles to do the Accounting; the principles are called ‘Accounting Principle’.

Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers and his team. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is helps us to find out the profit of business.

To identify:

Primary difference leads to other differences in managerial and financial accounting.

Expert Solution & Answer

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Answer 4

Question

Chapter 1, Problem 2Q

To determine

Concept introduction:

Financial accounting is an art of recording, summarizing and presenting the financial information in a appropriate output. The person who does accounting is called “Accountant”. The accountant follows some principles to do the Accounting; the principles are called ‘Accounting Principle’.

Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers and his team. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is helps us to find out the profit of business.

To identify:

Primary difference leads to other differences in managerial and financial accounting.

Expert Solution & Answer

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Answer 5

Chapter 1, Problem 2Q

To determine

Concept introduction:

Financial accounting is an art of recording, summarizing and presenting the financial information in a appropriate output. The person who does accounting is called “Accountant”. The accountant follows some principles to do the Accounting; the principles are called ‘Accounting Principle’.

Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers and his team. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is helps us to find out the profit of business.

To identify:

Primary difference leads to other differences in managerial and financial accounting.

Answer 6

Chapter 1, Problem 2Q

To determine

Concept introduction:

Financial accounting is an art of recording, summarizing and presenting the financial information in a appropriate output. The person who does accounting is called “Accountant”. The accountant follows some principles to do the Accounting; the principles are called ‘Accounting Principle’.

Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers and his team. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is helps us to find out the profit of business.

To identify:

Primary difference leads to other differences in managerial and financial accounting.

Answer 7

Chapter 1, Problem 2Q

To determine

Concept introduction:

Financial accounting is an art of recording, summarizing and presenting the financial information in a appropriate output. The person who does accounting is called “Accountant”. The accountant follows some principles to do the Accounting; the principles are called ‘Accounting Principle’.

Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers and his team. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is helps us to find out the profit of business.

To identify:

Primary difference leads to other differences in managerial and financial accounting.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 1 - What is the primary difference between financial...Ch. 1 - Prob. 2Q Ch. 1 - Why are traditional, GAAP-based financial...Ch. 1 - Prob. 4Q Ch. 1 - consider the area within a 3-mile radius of your...Ch. 1 - What are the three basic functions of management?Ch. 1 - How are the three basic management functions...Ch. 1 - What are ethics and why is ethical behavior...Ch. 1 - Prob. 9Q Ch. 1 - Prob. 10Q

Solution Summary: The author explains that financial accounting is an art of recording, summarizing and presenting the financial information in a appropriate output. Managerial accounting generates reports for the purpose of decision makings by managers and his team.

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