I need the answer as soon as possible 68. Which is correct with regards to the financial and managerial accounting? *Financial accounting focuses on financial projections while manageral accounting focus on manager'shistorical reportingBoth managerial and financial accounting must abide on the provisions of relevant IFRSSManagerial accounting is generally required by the securities and exchange commissionThe GAAP is applied consistently to financial accounting but not on managerial accounting

>Financial accounting involves accounting for the transaction as they occur, following various…

68. Which is correct with regards to the financial and managerial accounting? * Financial accounting focuses on financial projections while managenal accounting focus on manager's historical reporting O Both managerial and financial accounting must abide on the provisions of relevant IFRSS O Managerial accounting is generally required by the securities and exchange commission The GAAP is applied consistentiy to financial accounting but not on managerial accounting

68. Which is correct with regards to the financial and managerial accounting? * Financial accounting focuses on financial projections while managenal accounting focus on manager's historical reporting O Both managerial and financial accounting must abide on the provisions of relevant IFRSS O Managerial accounting is generally required by the securities and exchange commission The GAAP is applied consistentiy to financial accounting but not on managerial accounting

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 2EA: Identify the following as True or False: Managerial accounting reports must comply with the rules...

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Similar questions

Identify the following as True or False: Managerial accounting reports must comply with the rules set in place by the FASB. Financial accounting reports are typically general-purpose reports. Financial accounting reports pertain to the entity as a whole, whereas managerial accounting focuses more on subunits of the organization. The main users of the financial accounting information are the internal users. Managerial reports are prepared on an as-needed basis. Financial accounting reports often must be audited at least annually by an independent auditor.
Identify the following as true or false: Financial accounting reports are not released to external users. Managerial accounting reports are not used by employees inside the organization. Managerial accounting reports include only monetary information. Financial accounting reports are monetary in nature. If a result of a companys operations is nonmonetary in nature, it must be converted to monetary units for managerial reporting. Tax authorities and government regulatory agencies are external users of financial information.
How do the subject matter of reports and the verification of reports differ between financial accounting and managerial accounting?
What are the key differences between financial accounting and managerial accounting?
An important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.
Managerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAP
Which of the following groups would have access to managerial accounting information? A. bankers B. investors C. competitors of the business D. managers
Refer to Exhibit 3.9. What are the important features of management’s report on internal control over financial reporting?
Should a managerial accounting system provide both financial and nonfinancial information? Explain.
Which of the following does not describe a management control system? A. establishes a companys strategic goals B. implements a companys strategic goals C. monitors a companys strategic goals D. a system that only measures profitability
Indicate whether each statement describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. The principal users are the organizations managers. The key focus is on the entity as a whole. The rules and principles are very flexible. The information gathered is usually available after an independent audit has been completed.
Managers in decentralized organizations make decisions relating to all of the following except_______. A. the companys stock price B. equipment purchases C. personnel D. prices to charge customers