Financial Accounting vs
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Questions and Answers

Which type of accounting is concerned with reporting financial information to external parties such as stakeholders and regulators?

  • Managerial Accounting
  • Segment Accounting
  • Financial Accounting (correct)
  • Performance Accounting
  • Which type of accounting provides information to managers for use within the organization?

  • Financial Accounting
  • Performance Accounting
  • Segment Accounting
  • Managerial Accounting (correct)
  • Which activity is NOT one of the vital activities that managerial accounting helps managers perform?

  • Planning
  • Reporting (correct)
  • Decision Making
  • Controlling
  • What are examples of business segments?

    <p>All of the above</p> Signup and view all the answers

    What does a performance report compare?

    <p>Budgeted data to actual data</p> Signup and view all the answers

    Which type of accounting is concerned with assigning cost to cost objects?

    <p>Managerial Accounting</p> Signup and view all the answers

    What is the purpose of a performance report?

    <p>To compare budgeted vs. actual data</p> Signup and view all the answers

    Which one of the following is NOT one of the three vital activities that managerial accounting helps managers perform?

    <p>Reporting</p> Signup and view all the answers

    Which type of accounting is concerned with providing cost, revenue, or profit data for specific business segments?

    <p>Segment Accounting</p> Signup and view all the answers

    What is the main difference between financial accounting and managerial accounting?

    <p>Financial accounting is for external parties, while managerial accounting is for within the organization</p> Signup and view all the answers

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