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This post addresses financial and managerial accounting.

M13-14 Financial and Managerial Accounting: Indicate whether each phrase is more descriptive of financial accounting or managerial accounting

a. May be subjective
b. Often used to state corporate goals
c. Typically prepared quarterly or annually
d. May measure time or customer satisfaction
e. Future oriented
f. Subject to cost-benefit analysis
g. Keeps records of assets and liabilities
h. Highly aggregate statements
i. Must conform to external standards
j. Special purpose reports
k. Decision-making tool
l. Income statements, balance sheet, and statements of cash flows

Solution Preview

Financial and Managerial Accounting: Indicate whether each phrase is more descriptive of financial accounting or managerial accounting

a. May be subjective
b. Often used to state corporate goals
c. Typically prepared quarterly or annually
d. May measure time or customer satisfaction
e. Future oriented
f. Subject to ...

Solution Summary

The solution provides the correct answer for each phrase, identifying whether it's more descriptive of managerial accounting or financial accounting. Exercise M13-14

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