Which of the following best describesthe difference between financial and managerial accounting?
Managerial accounting provides information to support decisions,while financial accounting does not.
Managerial accounting is not restricted to generally acceptedaccounting principles (GAAP), while financial accounting isrestricted to GAAP.
Managerial accounting does not result in financial reports whilefinancial accounting does result in financial reports.
Managerial accounting is concerned solely with the future anddoes not record events from the past, while financial accountingrecords only events from past transactions.
2. For which of the following wouldthe job order cost system be appropriate?
Manufacturer of individualized golf equipment
Rubber manufacturer
Crude oil refinery
Coal mining
3. For which of the followingbusinesses would the process cost system be most appropriate?
Custom jewelry manufacturer
Car rental agency
Crude oil refinery
Small engine repair shop
Which of the following best describesthe difference between financial and managerial accounting?
Managerial accounting provides information to support decisions,while financial accounting does not.
Managerial accounting is not restricted to generally acceptedaccounting principles (GAAP), while financial accounting isrestricted to GAAP.
Managerial accounting does not result in financial reports whilefinancial accounting does result in financial reports.
Managerial accounting is concerned solely with the future anddoes not record events from the past, while financial accountingrecords only events from past transactions.
2. For which of the following wouldthe job order cost system be appropriate?
Manufacturer of individualized golf equipment
Rubber manufacturer
Crude oil refinery
Coal mining
3. For which of the followingbusinesses would the process cost system be most appropriate?
Custom jewelry manufacturer
Car rental agency
Crude oil refinery
Small engine repair shop
