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1st EditionGlencoe McGraw-Hill
548 solutions
Horngren's Cost Accounting: A Managerial Emphasis
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1,008 solutions
Intermediate Accounting
16th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
2,304 solutions
Accounting: What the Numbers Mean
10th EditionDavid H Marshall, Wayne W McManus
772 solutions
What is the primary difference between managerial and financial accounting?
Managerial accounting focuses on an organization's internal financial processes, while financial accounting focuses on an organization's external financial processes.
What best describes the difference between management accounting and financial accounting?
The difference between financial and managerial accounting is that financial accounting is the collection of accounting data to create financial statements, while managerial accounting is the internal processing used to account for business transactions.
Which of the following is the purpose of managerial accounting?
The main objective of managerial accounting is to maximize profit and minimize losses. It is concerned with the presentation of data to predict inconsistencies in finances that help managers make important decisions.
What type of information does managerial accounting provide?
Managerial accounting is the type of accounting that provides financial information to managers and decision-makers within a company. Managerial accounting often involves various financial metrics, including revenue, sales, operating expenses, and cost controls.