ACCOUNTING 211 Liberty University -ACCT 211 Exam 1 well answered

ACCT 211 Exam 1What is managerial accounting? - correct answer Provides information and analysis to managers inside the organization to assist them in decision making. Financial Accounting vs Managerial Accounting: Primary Users of Reports - correct answer Financial Accounting is external users, stockholders, creditors, and regulators. Managerial Accounting is internal users such as managers and officers. Financial Accounting vs Managerial Accounting: types/frequencies of reports - correct answer Financial accounting is external financial statements created quarterly and annually. Managerial accounting is internal reports made as frequently as needed. Financial Accounting vs Managerial Accounting: Purpose of reports - correct answer Financial accounting: general purpose Managerial accounting: special-purpose or for specific decisions Financial Accounting vs Managerial Accounting: Content of Reports - correct answer Financial accounting: -pertains to businesses as a whole -highly condensed -limited to accrual accounting and cost data -governed by GAAP Managerial accounting: -pertains to subunits of the business