Warr22e_IM_TM_Ch18 - Transparency Master 18-1 FINANCIAL...

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Transparency Master 18-1 FINANCIAL ACCOUNTING AND MANAGERIAL ACCOUNTING Financial Accounting 1. External Focus: Primarily reports results of business operations to persons "outside" the company 2. Reports historical data 3. Must follow generally accepted accounting principles Managerial Accounting 1. Internal Focus: Reports information used by management in overseeing daily operations of company 2. Reports historical data and budgets or estimates for the future 3. Reports more detailed information 4. Not restricted by generally accepted accounting principles 5. Usefulness to management is guiding principle
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Transparency Master 18-2 WRITING EXERCISE Why is it permissible to violate generally ac- cepted accounting principles when prepar- ing reports used strictly by company man- agement?
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Transparency Master 18-3 CERTIFICATE IN MANAGEMENT ACCOUNTING (CMA) Professional credential available to management accountants with a bachelor's degree and 2 years of work experience in managerial account-
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Warr22e_IM_TM_Ch18 - Transparency Master 18-1 FINANCIAL...

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