Conceptually, the main difference between financial accounting and managerial accounting is that _____. a. public accountants are engaged in financial accounting and private accountants are engaged in managerial accounting. b. financial accounting information is mainly designed for external users while managerial accounting information is designed for internal users. c. cost accounting is required for managerial accounting, but not for financial accounting. d. GAAP can be used for financial accounting, but not for managerial accounting. e. none of these.
Conceptually, the main difference between financial accounting and managerial accounting is that _____. a. public accountants are engaged in financial accounting and private accountants are engaged in managerial accounting. b. financial accounting information is mainly designed for external users while managerial accounting information is designed for internal users. c. cost accounting is required for managerial accounting, but not for financial accounting. d. GAAP can be used for financial accounting, but not for managerial accounting. e. none of these.
Chapter1: Accounting As A Tool For Managers
Section: Chapter Questions
Problem 5EA: Taylor Speedy has prepared the following list of statements about managerial accounting, financial...
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Conceptually, the main difference between financial accounting and
a. public accountants are engaged in financial accounting and private accountants are engaged in managerial accounting.
b. financial accounting information is mainly designed for external users while managerial accounting information is designed for internal users.
c. cost accounting is required for managerial accounting, but not for financial accounting.
d. GAAP can be used for financial accounting, but not for managerial accounting.
e. none of these.
Which of the choices is correct?
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