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:

Bystander Effect

A social psychological phenomenon in which individuals are less likely to offer help to a victim when other people are present, under the assumption that someone else will take action.

Scapegoat Theory

A social psychological concept that suggests individuals or groups are unfairly blamed for problems not of their making.

Mere Exposure Effect

A psychological phenomenon in which repeated exposure to a stimulus increases an individual's preference for that stimulus.

Ingroup Bias

Describes the tendency to favor members of one's own group over those from external groups.