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AssignmentIndicate whether each phrase is more descriptive of financial accounting or managerial accounting.

(a) May be subjective


Financial accounting


Managerial accounting



(b) Often used to obtain financing


Financial accounting


Managerial accounting



(c) Typically prepared quarterly or annually


Financial accounting


Managerial accounting



(d) May measure time or customer satisfaction


Financial accounting


Managerial accounting



(e) Future oriented


Financial accounting


Managerial accounting



(f) Has a greater emphasis on cost-benefit analysis


Financial accounting


Managerial accounting



(g) Keeps records of assets and liabilities


Financial accounting


Managerial accounting



(h) Highly aggregated statements


Financial accounting


Managerial accounting



(i) Must conform to external standards


Financial accounting


Managerial accounting



(j) Special-purpose reports


Financial accounting


Managerial accounting



(k) Decision-making tool


Financial accounting


Managerial accounting



(l) Income statement, balance sheet, and statement of cash flows


Financial accounting


Managerial accounting







Image transcription text

13. A man stipulates in his will that $50 000 from his estate is to be placed in a fund from which his three children are to each receive an equal amount when they reach age 21. When the man dies, the children are ages 19, 15, and 13 If this fund earns interest at /, = 6%, how much does each receive?

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