The Area of Accounting That Involves the Preparation of Internal

question 61

Multiple Choice

The area of accounting that involves the preparation of internal reports for a firm's executives and the analysis of the data in these reports to aid in decision making is known as

• A)managerial accounting.
• B)cost accounting.
• C)financial accounting.
• D)auditing.

---

Definitions:

Reserved Powers

Powers that are not explicitly granted to the federal government by the Constitution, and therefore are retained by the states and the people.

Concurrent Powers

Powers shared by both the federal and state governments in a federal system, such as the power to tax, borrow money, and enforce laws.

Unitary Systems

A form of government where a single central government holds the power, with any regional or local governments deriving authority from it.

Dual Federalism

Refers to a political arrangement in which power is divided between the federal and state governments in clearly defined terms, with state governments exercising those powers accorded to them without interference from the federal government.