Which of the Following Statements Is True of Financial and Managerial

question 16

Multiple Choice

Which of the following statements is true of financial and managerial accounting?

• A)Both use historical costs as their primary unit of measurement.
• B)Both depend on the double-entry system of accounting.
• C)Both require adherence to generally accepted accounting principles.
• D)Both assist managers in decision making.

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Definitions:

Effective

Relates to something that achieves its intended purpose or goal in a successful manner.

Key Goals

Fundamental objectives or targets that an entity, such as an individual or organization, aims to achieve.

Social Distance

The degree of acceptance or rejection individuals exhibit towards others or groups, which can influence social interactions.

Familiar

Well-known or easily recognized, often through frequent exposure or acquaintance.