Chapter 16, Problem 13E

Comparing managerial accounting and financial accounting

Match the following terms to the appropriate statement. Some terms may be used more than once, and some terms may not be used at all.

1. a. Accounting systems that must follow GAAP.
2. b. External parties for whom financial accounting reports are prepared.
3. c. The role managers play when they are monitoring day-to-day operations and keeping the company on track.
4. d. Internal decision makers.
5. e. Accounting system that provides information on a company’s past performance.
6. f. Accounting system not restricted by GAAP.
7. g. The management function that involves choosing goals and deciding how to achieve them.