Question 30 2.1 points A basic difference between Managerial Accounting and Financial Accounting : All managerial accounting information is audited by Certified Public Accountants whereas financial accounting information is not audited by anyone Managerial accounting provides information for decision-makers within the organization useful for planning and control while financial accounting provides information for outside investors and creditors Financial accounting information follows U.S. Generally accepted Accounting Principles, whereas managerial accounting information generally follows IFRS Managerial accounting is concerned principally with determining the cost of inventory (ending inventory and cost of goods sold, while financial accounting is concerned with a wider range of the organization's activities Question 30 of 50 Moving to another question will save this response. Question 31 The five steps of the process costing procedure are scrambled below: 1-Assign total costs to units completed and to units in ending WIP inventory 2-Summarize total costs to account for 3-Compute the cost per equivalent unit 4-Summarize the flow of physical units 5-Compute output in terms of equivalent units The correct order for these steps is: 4,2,5, 3, 1. 2,5, 4, 1,3 3, 1, 4, 2,5 5.3, 1, 4, 2. Moving to another question will save this response