Distinguish between managerial and financial accounting as to primary users of reports? What types and frequency of reports, and the content and purpose of reports? how does it effect a comapny

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Bunny GreenfelderLv2

13 Jul 2018

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Managerial accounting reports could not be described as

a. relevant to the decision being made.

b. reports issued as frequently as the need arises.

c. providing general-purpose information for all users.

d. internal reports.

Select the correct statement regardingmanagerial and financial accounting.

		Users of managerial accounting information desire more detailedaccounting reports than do users of financial accountinginformation.
		Both managerial and financial accounting use economic andphysical data in addition to financial data.
		Financial accounting is less regulated than managerialaccounting.
		Timeliness is more important in financial accounting than inmanagerial accounting

Which of the following statements is FALSE?

		Financial accounting reports historical transactions.
		Managerial accounting focuses on reporting the consolidatedresults of the company as a whole.
		Managerial accounting reports do not have to conform togenerally accepted accounting principles.
		Financial accounting helps investors and creditors makedecisions.