Indicate whether the information is more representative of managerial versus fin
ID: 2590083 • Letter: I
Question
Indicate whether the information is more representative of managerial versus financial accounting. The first item is shown as an example.
ARE THESE CORRECT?
Information Item: Estimates of future revenue GAAP-based product cost Salary of the manager of a particular branch of a bank Salary expense for all company employees shown in the income statement Historical-based information included in financial statements Reporting rules established by government authorities Reports designed for the company president Daily time clock reports A company's annual report to stockholders Budgets Information provided to investors and creditors Vacation schedules for key employees Customer satisfaction survey result Amount of total assets shown on the balance sheet Managerial accounting anagerial accounting Financial accounting Financial accounting Financial accounting anagerial accounting anagerial accounting anagerial accounting Financial accounting anagerial accounting Financial accounting anagerial accounting anagerial accounting Financial accountingExplanation / Answer
Managerial accounting is the process and procedures adopted to create document & reports to help management in the decision making process involved in running the company.
Financial accounting is for keeping track of financial transactions and to record, summarize and present financial statements.
Based on this understanding, you have selected all the answers correctly.