Managerial Accounting

question 14

Multiple Choice

Managerial accounting:

• A)focuses only on historical datA.
• B)is governed by GAAP.
• C)focuses primarily on the needs of personnel within the organization.
• D)provides information for parties external to the organization.
• E)focuses on financial statements and other financial reports.

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Definitions:

Unearned Revenue Account

Refers to money received by a company for goods or services yet to be delivered or performed, recognized as a liability on the balance sheet.

Debit Balance

An accounting term indicating that a particular account has more debits than credits, often referring to an account's overall debt or expenditure.

Credit Balance

In accounting, it refers to the balance on the right side of a ledger account, indicating the amount that a company owes or liabilities.

Revenue Account

An account that tracks the income generated from normal business operations, including the sale of goods and services.