Accounting Concepts: 15 points. Which of the following phrases best describe managerial accounting and which best...

 

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Accounting Concepts: 15 points. Which of the following phrases best describe managerial accounting and which best describe financial accounting? Enter MA to designate managerial accounting and FA to designate financial accounting. Draws heavily from other disciplines such as economics and statistics Prepares financial statements Provides financial information to internal managers Emphasizes the past rather than the future Focuses on relevant and flexible data Is not mandatory Focuses on segments as well as the entire organization Is not subject to generally accepted accounting principles Is built around the fundamental accounting equation of debits and credits Describes historical transactions with external parties Is not required by any authoritative body, such as the SEC Is intended to be used by creditors and investors Its primary users are company managers Its information is often available only after an audit is complete Its principles and practices are relatively flexible Accounting Concepts: 15 points. Which of the following phrases best describe managerial accounting and which best describe financial accounting? Enter MA to designate managerial accounting and FA to designate financial accounting. Draws heavily from other disciplines such as economics and statistics Prepares financial statements Provides financial information to internal managers Emphasizes the past rather than the future Focuses on relevant and flexible data Is not mandatory Focuses on segments as well as the entire organization Is not subject to generally accepted accounting principles Is built around the fundamental accounting equation of debits and credits Describes historical transactions with external parties Is not required by any authoritative body, such as the SEC Is intended to be used by creditors and investors Its primary users are company managers Its information is often available only after an audit is complete Its principles and practices are relatively flexible

Answer rating: 100% (QA)

1 managerial accounting Managerial accounting is highly inspired and drawn from the laws and principles of economics and statistics jointlyMA 2 Prepar... View the full answer