Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions. To indicate: the difference between the managerial accounting and financial accounting

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Answer 1

Question

Chapter P, Problem P.1Q

To determine

Concept introduction:

Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions.

To indicate: the difference between the managerial accounting and financial accounting

Expert Solution & Answer

Explanation of Solution

The difference between managerial accounting and financial accounting is explained as follows:

Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.

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Answer 2

Question

Chapter P, Problem P.1Q

To determine

Concept introduction:

Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions.

To indicate: the difference between the managerial accounting and financial accounting

Expert Solution & Answer

Explanation of Solution

The difference between managerial accounting and financial accounting is explained as follows:

Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.

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Answer 3

Question

Chapter P, Problem P.1Q

To determine

Concept introduction:

Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions.

To indicate: the difference between the managerial accounting and financial accounting

Expert Solution & Answer

Explanation of Solution

The difference between managerial accounting and financial accounting is explained as follows:

Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.

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Answer 4

Question

Chapter P, Problem P.1Q

To determine

Concept introduction:

Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions.

To indicate: the difference between the managerial accounting and financial accounting

Expert Solution & Answer

Explanation of Solution

The difference between managerial accounting and financial accounting is explained as follows:

Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.

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Answer 5

Chapter P, Problem P.1Q

To determine

Concept introduction:

Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions.

To indicate: the difference between the managerial accounting and financial accounting

Expert Solution & Answer

Explanation of Solution

The difference between managerial accounting and financial accounting is explained as follows:

Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.

Answer 6

Chapter P, Problem P.1Q

To determine

Concept introduction:

Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions.

To indicate: the difference between the managerial accounting and financial accounting

Expert Solution & Answer

Explanation of Solution

The difference between managerial accounting and financial accounting is explained as follows:

Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.

Answer 7

Chapter P, Problem P.1Q

To determine

Concept introduction:

Accounting has its two branches; managerial accounting and financial accounting. Managerial accounting is done to serve the analytical needs of the management and financial accounting is done for the regular recording of business transactions.

To indicate: the difference between the managerial accounting and financial accounting

Answer 8

Expert Solution & Answer

Explanation of Solution

The difference between managerial accounting and financial accounting is explained as follows:

Financial accounting is done to record and summarize the day to day operations of the business and financial statements are prepared to report the financial position of the business to its internal and external users. Financial accounting is done using the specified accounting standards.
Managerial accosting is done to prepare the statements required by the manager for their business analysis. Managerial accounting reports are used by managers only. There are no specified standards for managerial accounting, and it is done as per the need and directions of the management.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

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Explanation of Solution

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