GK
ACCOUNTING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Which one of the following branches of accounting primarily deals with processing and presenting of accounting data for internal use?
|
|
Tax accounting
|
|
|
Inflation accounting
|
|
|
Financial accounting
|
|
|
Management accounting
|
Explanation:
Detailed explanation-1: -Also called managerial accounting, management accounting primarily provides information for use by internal users, that is, the management of the company.
Detailed explanation-2: -Financial accounting differs from managerial (or cost) accounting as financial reporting is more for reporting to external parties while cost accounting is more for strategic planning internally.
Detailed explanation-3: -Financial Accounting It also involves generating financial statements based on these transactions. All financial statements, such as a balance sheet and an income statement, must be prepared in a certain way.
There is 1 question to complete.