The text identifies six ways to classify the major differences between management and financial accounting. The "managers of the organization" is an example of which of the following classes of differences?

Question 6 options:

	primary users
	time span and type of reports
	rules of measurement and reporting
	purpose of information
	focus and emphasis

Question 7 (1 point)

 

Cost accounting provides information for both management and financial accounting.

Question 7 options:

	True
	False

Question 8 (1 point)

 

"Cost management" describes

Question 8 options:

	the identification of excessive costs in the production process.
	the satisfaction of customers' needs.
	actions by managers to satisfy customers while maintaining current cost levels.
	the actions by managers to increase value for customers while continuously reducing and controlling costs.
	ensuring all costs remains constant.

Question 9 (1 point)

 

Managers typically receive reports on cost planning and controls that should be considered for internal use only.

Question 9 options:

	True
	False

Question 10 (1 point)

 

Management accounting

Question 10 options:

	helps managers make decisions.
	is useful for external and internal users.
	is the same as cost accounting.
	helps creditors evaluate the company's performance.
	creates technical reports that require external audit for verification.

Answer rating: 100% (QA)

Management and financial accounting serve different purposes within an organization and understanding their differences is essential for effective decisionmaking and reporting The text identifies six ... View the full answer