Managerial Accounting Quiz

Financial Accounting = Involves recording, summarizing, and reporting transactions for external use Managerial Accounting = Uses pro forma measures to track and describe financial information internally GAAP = Standards that managerial accounting in the U.S. must adhere to Investopedia = Website where you can find more information about financial and managerial accounting

Audited Financial Statements = Reports that help investors and analysts decide whether to buy or sell shares of a company Business Operations = Activities that result in transactions recorded in financial accounting External Use = Purpose for which financial accounting prepares and presents information Corporate Managers = Internal users of managerial accounting information

Financial Accounting = Focuses on external reporting and decision-making Managerial Accounting = Focuses on internal planning and control Investopedia = Platform that provides information on various accounting topics GAAP = Set of rules that ensures consistency in financial accounting

<p>Pro Forma Measures = Used in managerial accounting to describe and measure financial information Financial Accounting = Branch of accounting that deals with recording, summarizing, and reporting transactions Managerial Accounting = Branch of accounting that focuses on providing information for internal decision-making GAAP = Abbreviation for the standards that must be followed in managerial accounting in the U.S.</p> Signup and view all the answers

<p>Financial Accounting = Prepares and presents official financial information for external use Managerial Accounting = Tracks and measures financial information for internal use by corporate managers Audited Financial Statements = Helps investors and analysts make investment decisions GAAP = Ensures consistency and reliability in financial reporting</p> Signup and view all the answers