Whereas financial accounting reports tend to cover the financial activities of a company as a whole, managerial accounting reports tend to be specific to product lines, divisions, sales territories, or customers grouped by peso volume of sales orders.

ACCOUNTING FOR MANAGEMENT

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	TRUE
B	FALSE

Explanation:

Detailed explanation-1: -Difference between Financial Accounting & Financial Reporting. Financial accounting is used to generate all the external statements, balance sheets, stockholders’ equities, etc. Whereas financial reporting is only for a survey of this information.

Detailed explanation-2: -Answer and Explanation: Reports prepared in financial accounting are general purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports.

Detailed explanation-3: -Managerial accounting involves the presentation of financial information for internal purposes to be used by management in making key business decisions.

Detailed explanation-4: -Managerial accounting focuses on an organization’s internal financial processes, while financial accounting focuses on an organization’s external financial processes.

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BACHELOR OF BUSINESS ADMINISTRATION

BUSINESS ADMINISTRATION

ACCOUNTING FOR MANAGEMENT