Which of the Following Is a Difference Between Financial Accounting

question 47

Multiple Choice

Which of the following is a difference between financial accounting and managerial accounting?

• A)Managerial accounting is primarily concerned with reporting the past, while financial accounting is more concerned with future decisions that external users may need to make.
• B)Managerial accounting uses monetary and nonmonetary information, whereas financial accounting reports monetary information.
• C)Managerial accounting is primarily concerned with providing information for external users while financial accounting is concerned with internal users.
• D)Financial accounting is rather detailed, while managerial accounting is more summarized.

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Definitions:

1,2-Ethanediol

A chemical compound commonly known as ethylene glycol, used as an antifreeze and precursor to polymers.

Propanoic Acid

A colorless, oily liquid with a pungent odor, used in the manufacture of various chemicals, including as a preservative.

Osmosis

The movement of water molecules through a semi-permeable membrane from a region of low solute concentration to a region of high solute concentration to equalize the concentrations on both sides of the membrane.

Semipermeable Membrane

A type of membrane that allows certain molecules or ions to pass through it by diffusion and occasionally specialized "facilitated diffusion," while blocking others.