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Question

Which of the following statements is a difference between financial accounting and managerial accounting?

A.

Under financial accounting, reports are prepared using GAAP, whereas, under managerial accounting, information that is useful to management for its decision making is not recorded using GAAP.

B. Financial accounting focuses on providing information for internal use, whereas managerial accounting focuses on providing information for external use.

C. Under financial accounting, reports are prepared as and when management needs them, whereas, under managerial accounting, reports are prepared on a monthly basis.

D. Financial accounting has a subjective approach, whereas managerial accounting has an objective approach.

Top Answer

The correct answer is option A. Under financial accounting, reports are... View the full answer

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