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Financial Accounting v/s
Financial accounting or reporting is used to prepare financial statements to present the financial position of the entity. Financial accounting is mandatory for an entity and it has to follow Generally Accepted Accounting Policies (GAAP) for accounting. The statements produced under financial accounting include the Income statement,
On the other hand, managerial accounting is used for the purpose of generating internal reports and it is not mandatory for an organization. Reports generated using managerial accountings are budgets, Inventory usage, efficiency reports etc. Users of managerial accounting reports are only internal people like Managers, Directors, head of departments etc.
To identify:
The type of accounting information used by the user, Financial or managerial
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Chapter 1 Solutions
Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (11th Edition)
- Calculate the predetermined overhead allocation ratearrow_forwardPress Printing uses process costing. Department A had 3,700 units in beginning work in process (60% complete), added 8,200 units, and had 2,900 units in ending work in process (40% complete). If total processing costs were $89,000, Give the cost per equivalent unit. Need right Answerarrow_forward?????arrow_forward
- The analyst estimated of total assets general accountingarrow_forwardUsing the ACFR information for the City of Salem, indicate both financial statements that contained the information item and the dollar amount. Refer to Illustrations 2-2 through 2-16.arrow_forwardCalculate the firm's predetermined overhead ratearrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
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