Indicate which of the following statements relate to financial accounting versus managerial accounting. 1. Must adhere to generally accepted accounting principles. 2. Primary users are external. 3. Past results and projected future results. 4. Reports prepared after the end of an accounting period. 5. Statements contained in annual reports. 6. Reports benefit internal users. 7. Reports come in a variety of formats, designed for the decision maker. 8. Information not disseminated to the general public. 9. Communicates information about the financial health of the company. 10. Includes information prepared for a range of decision makers within the organization.

Question

07-05-2020
Business

contestada

Indicate which of the following statements relate to financial accounting versus managerial accounting. 1. Must adhere to generally accepted accounting principles. 2. Primary users are external. 3. Past results and projected future results. 4. Reports prepared after the end of an accounting period. 5. Statements contained in annual reports. 6. Reports benefit internal users. 7. Reports come in a variety of formats, designed for the decision maker. 8. Information not disseminated to the general public. 9. Communicates information about the financial health of the company. 10. Includes information prepared for a range of decision makers within the organization.

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Lanuel Lanuel · Answer 1 · 2020-05-12T03:18:43+02:00

Answer:

1. Financial accounting: must adhere to generally accepted accounting principles.

2. Managerial accounting: primary users are external.

3. Managerial accounting: past results and projected future results.

4. Financial accounting: reports prepared after the end of an accounting period.

5. Financial accounting: statements contained in annual reports.

6. Managerial accounting: reports benefit internal users.

7. Managerial accounting: reports come in a variety of formats, designed for the decision maker.

8. Managerial accounting: information not disseminated to the general public.

9. Financial accounting: communicates information about the financial health of the company. 10. Managerial accounting: includes information prepared for a range of decision makers within the organization.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP). Examples of financial statements includes Balance sheet, cash-flow and income statement.

Managerial accounting also known as cost accounting is an accounting technique focused on identification, measurement, analyzing, interpretation, and communication of financial information to managers for better decisions making and pursuit of the organization's goals.