Financial Accounting Must Follow Generally Accepted Accounting Principles, Whereas Managerial

question 20

True/False

Financial accounting must follow generally accepted accounting principles, whereas managerial accounting stresses information that is useful to managers.
15 Managerial accounting may present more detailed information than financial accounting.

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Definitions:

Proprietary Fund

A type of governmental accounting fund used to account for activities that are similar to those found in the private sector, where the intent is to recover costs through user charges.

Financial Statement

Documented records summarizing a business's financial condition and operations over a period.