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» We provide you study material i.e. PDF's for offline use. 1. Which of the following statements about differences between financial and managerialaccounting is incorrect?a. Managerial accounting information is prepared primarily for external parties such asstockholders and creditors; financial accounting is directed at internal users.b. Financial accounting is aggregated; managerial accounting is focused on products anddepartments.c. Managerial accounting pertains to both past and future items; financial accounting focusesprimarily on past transactions and events. We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Managerial Accounting: The Cornerstone of Business Decision-Making Hansen/Mowen Expert Verified d. Financial accounting is based on generally accepted accounting practices; managerialaccounting faces no similar constraining factors.Answer: a. Managerial accounting information is prepared for internal users, while financialaccounting information is directed primarily at external users such as stockholders and creditors.The other statements are all correct.2. Which of the following functions is managerial accounting intended to facilitate? Get answer to your question and much more 3. Cost accounting information can be used for: Get answer to your question and much more 4. Acronyms are perhaps overused, but nonetheless important to know. Which of the followingacronyms is used to describe a process for an inventory management process that attempts tominimize the money invested in inventory? Get answer to your question and much more c. ABCd. JITAnswerd. Just- In-Time inventory management. CFM is a professional designation for“Certified Financial Manager”. TQM refers to “Total Quality management”.ABC is “ActivityBased Costing”.5. Manufacturing costs are also known as product costs. Which of the following best describesthose costs which are considered to be manufacturing costs?a. Direct materials, direct labor, and factory overhead.b. Direct materials and direct labor only.c. Direct materials, direct labor, factory overhead, and administrative overhead.d. Direct labor and factory overhead.Answer: a. Direct materials, direct labor and factory overhead are all included as manufacturingcosts. Administrative overhead is not included. Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 53 pages? Upload your study docs or become a Course Hero member to access this document Recommended textbook solutionsIntermediate Accounting16th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 2,307 solutions Intermediate Accounting16th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 2,307 solutions Intermediate Accounting9th EditionJames F. Sepe, J. David Spiceland, Mark W. Nelson, Wayne Thomas 2,040 solutions Managerial Accounting15th EditionRay H Garrison 716 solutions Which of the following declaration about difference between financial and management accounting is incorrect?Financial accounting is based on generally accepted accounting practices; management accounting faces no similar constraining factors. Answer» b.
Which of the following is a difference between financial accounting and managerial accounting?Managerial accounting focuses on an organization's internal financial processes, while financial accounting focuses on an organization's external financial processes. Managerial accountants focus on short-term growth strategies relating to economic maintenance.
Which of the following declaration about differences between financial and managerial accounting is correct?d) Financial accounting is based on generally accepted accounting practices; managerial accounting faces no similar constraining factors.
Which of the following statements indicate distinctive features of management accounting as compared to financial accounting?The first difference is that management accounting is presented to a company's internal community, while financial accounting is prepared for an external audience.
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Which of the following statements about difference between financial and managerial accounting is incorrect?
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