financial and management accounting
PLEASE ANSWER ALL
13. Which of the following is a true statement?
a. Neither
b. Both financial and management accounting emphasize relevance and flexibility.
c. Both financial and management accounting place more emphasize on past.
d. Both financial and management accounting are based upon the concept of stewardship.
14. Financial accounting is concerned with:
a. The company as a whole rather than with segments of a company.
b. The needs of stockholders and creditors.
c. Meeting the requirements of internal users only.
d. Recording the financial history of an organization.
15. The basic difference between management accounting and financial accounting is that:
a. Financial accounting is a division of accounting that is Concerned with providing information to stockholders whereas management accounting is concerned with providing information to managers for their use in directing the activities of the organization.
b. Financial accounting relies on information gathered from sources outside the business whereas management accounting relies on internally generated information.
c. Financial accounting system relies on accounting information whereas management accounting does not.
d. Management accounting relies upon the concept of responsibility accounting whereas financial accounting does not.
Trending now
This is a popular solution!
Step by step
Solved in 6 steps
