Difference between financial and managerial accounting

Assignment Help Financial Accounting

Reference no: EM13794361

1. Which of the following best describes the difference between financial and managerial accounting?

Managerial accounting provides information to support decisions, while financial accounting does not.

Managerial accounting is not restricted to generally accepted accounting principles (GAAP), while financial accounting is restricted to GAAP.

Managerial accounting does not result in financial reports while financial accounting does result in financial reports.

Managerial accounting is concerned solely with the future and does not record events from the past, while financial accounting records only events from past transactions.

2. For which of the following would the job order cost system be appropriate?

Manufacturer of individualized golf equipment

Rubber manufacturer

Crude oil refinery

Coal mining

3. For which of the following businesses would the process cost system be most appropriate?

Custom jewelry manufacturer

Car rental agency

Crude oil refinery

Small engine repair shop

Reference no: EM13794361

Questions Cloud

Characteristics of both a variable cost and a fixed cost : If sales are $500,000, variable costs are $200,000 and fixed costs are $240,000, what is the contribution margin ratio? A cost that has characteristics of both a variable cost and a fixed cost is called a:

Considered a part of factory overhead cost : Which of the following is considered a part of factory overhead cost? The term used to refer to the cost of changing direct materials into a finished manufactured product is:

Abiotic and biotic characteristics of the ecosystem : Describe the steps in the carbon cycle as an example of one biogeochemical cycle.

Data related to the expected sales of golf balls : What amount of sales of golf balls (in dozens) is required to reach the break- even point? What amount of sales of golf balls (in dozens) is required to reach the break- even point if a target profit of $40,000 is desired?

Difference between financial and managerial accounting : Which of the following best describes the difference between financial and managerial accounting? For which of the following would the job order cost system be appropriate? For which of the following businesses would the process cost system be most a..

What you believe to be murrays central argument : what you believe to be Murray's central argument. Where does his argument become clear? How do the essay's details and their arrangement, diction, tone, and structure contribute to its argument?

The cost of production of completed and finished goods : The cost of production of completed and finished goods during the period amounted to $ 400,000 and the finished products shipped to customers had total production costs of $ 337,000. From the following, select the entry to record the transfer of cost..

Relationship between political parties and electoral process : Write a three to four (3-4) page paper on the relationship between political parties and the electoral process in which you:

What are strategic risks : What are the processes for developing a new mine in Western Australia and what are strategic risks? How would you manage these risks?

User Account

All Pages