susannahwall susannahwall

08-06-2024
Business

Answered

Question 1:
Define Managerial Accounting and differentiate it from Financial Accounting.
Your Answer:

Answer :

GinnyAnswer GinnyAnswer

08-06-2024

Final answer:

Managerial Accounting involves cost information for internal decision-making, while Financial Accounting focuses on external financial statements.

Explanation:

Managerial Accounting (also known as cost accounting) involves creating cost information to aid in management decision-making. Financial Accounting focuses on producing financial statements for external stakeholders. The main difference lies in the purpose: managerial accounting helps internal management make decisions while financial accounting is primarily for external users.

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