MANAG ACCT F/..(LL)+CONNECT W/PROCTORIO+
5th Edition
ISBN: 9781266018183
Author: Noreen
Publisher: MCG
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Question
Chapter P, Problem P.1Q
To determine
Concept introduction:
Accounting has its two branches;
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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Chapter P Solutions
MANAG ACCT F/..(LL)+CONNECT W/PROCTORIO+
Ch. P - Prob. P.1QCh. P - Pick any major television network and describe...Ch. P - If you had to decide whether to continue making a...Ch. P - Why do companies prepare budgets?Ch. P - Prob. P.5QCh. P - Why is managerial accounting relevant to...Ch. P - Prob. P.7QCh. P - Why do management accountants need to understand...Ch. P - Prob. P.9QCh. P - Pick three industries and describe how the risks...
Ch. P - Pick any large company and explain three ways that...Ch. P - Why do companies that implement Lean Production...Ch. P - Why are leadership skills important to managers?Ch. P - Why are leadership skills important to managers?Ch. P - Prob. P.16QCh. P - Prob. P.17QCh. P - Prob. P.18QCh. P - Why do companies take a physical count of their...Ch. P - Why do companies use sequential prenumbering for...Ch. P - Planning and Control Many companies use budgets...Ch. P - Prob. P.2ECh. P - Prob. P.3ECh. P - Ethics and the Manager Richmond, Inc., operates a...Ch. P - Prob. P.6ECh. P - Ethics In Business Consumers and attorney generals...Ch. P - Prob. P.8ECh. P - Prob. P.9ECh. P - Corporate Social Responsibility In his book...Ch. P - Prob. P.11ECh. P - Cognitive Bias and Decision Making During World...Ch. P - Ethics and Decision Making Assume that you just...
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