Accounting II Final Exam SG

Accounting II Final Exam SG - Sheet1 Page 1> Financial vs...

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Unformatted text preview: Sheet1 Page 1 > Financial vs. Managerial Accounting: Financial Accounting:Focuses on information for people OUTSIDE the firm-Provides financial statements that report results of operations, financial position, and cash flows both to managers and to ext-Satisfies management s accountability to Managerial Accounting:Focuses on information for INTERNAL decision makers-Provides information to help managers plan and control operations as they lead the business, including: managing the compa *Planning:choosing goals and deciding how to achieve them *Controlling:implementing the plans and evaluating operations comparing actual results to the budget-Actual costs fall below budgeted costs, GOOD NEWS.-Actual costs exceed budget, NEED TO MAKE CHANGES Timing Financial:Relevance and reliability of the information and focus on the past Managerial:Relevance of the information and focus on the future Reliability Financial:Concern about adequacy of disclosures Managerial:Concern about how reports will affect employee behavior...
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This note was uploaded on 02/23/2009 for the course ACC 3100 taught by Professor Holtz during the Spring '08 term at Wayne State University.

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Accounting II Final Exam SG - Sheet1 Page 1> Financial vs...

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