BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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historical, precise, useful
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required, estimated, internal
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budgeted, informative, adaptable
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comparable, verifiable, monetary
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Detailed explanation-1: -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.
Detailed explanation-2: -The answer is letter D. Managerial accounting need not follow GAAP while Financial accounting shoud follow GAAP. D represents the correct answer i.e. Managerial accounting does not has to be based on international or local accounting standards while Financial accounting shoud follow GAAP or IFRS.
Detailed explanation-3: -Terms in this set (15) When comparing managerial accounting information with financial accounting information, it is expected that managerial accounting information would: include an analysis of historical cost.