Which of the Following Statements Is a Difference Between Financial

question 43

Multiple Choice

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

• A) Under financial accounting, reports are prepared using GAAP, whereas under managerial accounting, information that is useful to management for its decision making is not recorded using GAAP.
• B) Financial accounting focuses on providing information for internal use, whereas managerial accounting focuses on providing information for external use.
• C) Under financial accounting, reports are prepared as and when management needs them, whereas under managerial accounting, reports are prepared on a monthly basis.
• D) Financial accounting has a subjective approach, whereas managerial accounting has an objective approach.

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Definitions:

Labor Relations

The dynamic field that explores the relationship between employers and employees, focusing on the negotiation, implementation, and enforcement of collective bargaining agreements, as well as conflict resolution.

Exclusive Union

A labor union that is the sole representative of all the employees in a business or organization, having the right to negotiate on their behalf.

Knights of Labor

A significant labor organization in the late 19th century U.S. that advocated for broad social reforms, including the eight-hour workday, and welcomed all laborers.

Workers

Individuals engaged in a particular job or sector, contributing their labor for compensation.