1) Which one of the following statements is not true?< a) Financial accounting reports are used by investors to make investment decisions while cost and management accounting reports are used by managers to make business decisions. b) Financial accounting summarizes accounting transactions while cost and management accounting presents a detailed analysis of costs, selling prices and any other information required by an entity's management. c) Financial accounting reports report on what has happened while management accounting reports focus on current activity and future projections. d) Financial accounting reports have an internal user focus while management accounting reports are focused on external users of accounting information.

1) Which one of the following statements is not true?< a) Financial accounting reports are used by investors to make investment decisions while cost and management accounting reports are used by managers to make business decisions. b) Financial accounting summarizes accounting transactions while cost and management accounting presents a detailed analysis of costs, selling prices and any other information required by an entity's management. c) Financial accounting reports report on what has happened while management accounting reports focus on current activity and future projections. d) Financial accounting reports have an internal user focus while management accounting reports are focused on external users of accounting information.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 1MC: That a business may only report activities on financial statements that are specifically related to...

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