Answered: . State whether the following questions…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 1EA: Indicate whether each statement describes financial accounting or managerial accounting. The...

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2. State whether the following questions is True (T) or False (F):

a) Management accounting provides economic and financial information for external users such as shareholders, creditors and banks.

b) Financial accounting provides information for managers and other internal users.

c) Financial accounting reports past results.

d) Management accounting is future oriented.

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

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