Question: Both financial and managerial accounting rely on the same underlying financial data but there are major differences. Managerial Accounting: emphasizes financial consequences of past activities.

Both financial and managerial accounting rely on the same underlying financial data
but there are major differences. Managerial Accounting:
emphasizes financial consequences of past activities.
emphasizes precision.
emphasizes relevance.
must follow GAAP.
Both financial and managerial accounting rely on the same underlying financial

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