Concept introduction:
Financial accounting is an art of recording, summarizing and presenting the financial information in a appropriate output. The person who does accounting is called “Accountant”. The accountant follows some principles to do the Accounting; the principles are called ‘Accounting Principle’.
To identify:
Primary difference leads to other differences in managerial and financial accounting.
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- What are the key differences between financial accounting and managerial accounting?arrow_forwardHow do the subject matter of reports and the verification of reports differ between financial accounting and managerial accounting?arrow_forwardShould a managerial accounting system provide both financial and nonfinancial information? Explain.arrow_forward
- What is the purpose of management accounting?arrow_forwardManagement accounting: emphasizes special-purpose information relates to the company as a whole is limited to strictly cost figures is controlled by GAAParrow_forwardExplain how managerial accountants help managers plan, control, and evaluate.arrow_forward
- 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 GAAParrow_forwardWhich 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 profitabilityarrow_forwardAn effective managerial accounting system should track information about an organizations activities in which of the following areas? a. Development b. Marketing c. Production d. Design e. All of these.arrow_forward
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