Managerial Accounting Is Not Bound by Generally Accepted Accounting Principles

question 101

Essay

Managerial accounting is not bound by generally accepted accounting principles (GAAP)but clearly is influenced by GAAP.How do budgets and the budgeting process demonstrate connections to GAAP?

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Definitions:

Personal Check

A hand-written document that orders a bank to pay a specific amount of money from the writer's account to another party.

Checking Account

A bank account that allows for frequent transactions, including deposits, withdrawals, and check payments.

Checking Account

A bank account that allows for numerous withdrawals and deposits, making it ideal for daily transactions.

Bank Account

A financial account maintained by a bank or other financial institution in which the financial transactions between a customer and the bank are recorded.