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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Which of the following is a characteristic of managerial accounting?

  1. a. There is an internal focus.
  2. b. Subjective information may be used.
  3. c. There is an emphasis on the future.
  4. d. It is broad-based and multidisciplinary.
  5. e. All of these.

To determine

Identify the characteristics of managerial accounting.

Explanation

Managerial Accounting:

Managerial accounting refers to the internal accounting system that gives both financial and non-financial information for the internal users of the organization. This helps the manager in taking crucial business decisions.

a.

Managerial accounting focuses on the internal activities of the organization. Internal activities include verifying the performance of entities and product lines. So this is one of the characteristics of managerial accounting. Therefore, this option is valid but not complete. Hence, this option is incorrect.

b.

Managerial accounting used the subjective information because it is not mandatory for managerial accounting to be prepared as per the rules and regulations of generally accepted accounting principles (GAAP) and securities exchange commission (SEC)...

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