Wk 5 – Apply: Summative Assessment: Management Accounting: Planning, Evaluating, and Controlling / Verified Questions with Correct Answers. Quiz____? Why is it important that FINANCIAL accounting provide a common set of standards that are used by

Wk 5 – Apply: Summative Assessment: Management Accounting: Planning, Evaluating, and Controlling / Verified Questions with Correct Answers. Quiz____? Why is it important that FINANCIAL accounting provide a common set of standards that are used by all companies in preparing their financial statements? - Answer So that outsiders can compare financial reports coming from many different companies Quiz____? Why don't all companies use the same MANAGERIAL accounting systems? - Answer The systems must serve the competitive needs of companies working to uniquely serve specific customers in specific markets. Quiz____? Which of the following is a better description of MANAGERIAL accounting than it is of FINANCIAL accounting? - Answer Compares planned and actual results Quiz____? Which of the following is more true of MANAGERIAL accounting systems than it is of FINANCIAL accounting systems? -