One Major Difference Between Financial Accounting and Managerial Accounting Is

question 79

True/False

One major difference between financial accounting and managerial accounting is that financial accountants prepare financial statements for external investors while managerial accountants prepare financial statements for internal managers.

---

Definitions:

Property

Assets or rights owned by individuals or entities, which can be tangible or intangible, and are subject to ownership claims.

Lifetime

The period during which something is functional, active, or intended to last.

Fixture

An item of personal property that has been attached to or closely associated with real property in such a way that it becomes legally part of the real property.

Attachment

In general, the process of taking a person’s property under an appropriate judicial order by an appropriate officer of the court. Used for a variety of purposes, including the acquisition of jurisdiction over the property seized and the securing ofproperty that may be used to satisfy a debt.