Which statement is incorrect? a. Both financial accounting and managerial accounting adhere to objectivity and cost concepts. b. Cost accounting is a tool of both financial accounting and managerial accounting. c. Although financial and managerial accounting differs in many ways, they are similar in that both rely on the same underlying financial data. d. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past e. None of the above
Which statement is incorrect? a. Both financial accounting and managerial accounting adhere to objectivity and cost concepts. b. Cost accounting is a tool of both financial accounting and managerial accounting. c. Although financial and managerial accounting differs in many ways, they are similar in that both rely on the same underlying financial data. d. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past e. None of the above
Chapter1: Accounting As A Tool For Managers
Section: Chapter Questions
Problem 10MC: Which of the following statements is incorrect? The practice of management accounting is fairly...
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Which statement is incorrect?
a. Both financial accounting and managerial accounting adhere to objectivity and cost concepts.
b. Cost accounting is a tool of both financial accounting and managerial accounting.
c. Although financial and managerial accounting differs in many ways, they are similar in that both rely on the same underlying financial data.
d. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past
e. None of the above
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