Managerial accounting is primarily focused on: a. Providing information for internal and external users b. Providing general purpose financial statements c. Providing special-purpose information and reports d. Following generally accepted accounting principles

Question

Bridges

Business

21 May, 07:25

Managerial accounting is primarily focused on: a. Providing information for internal and external users b. Providing general purpose financial statements c. Providing special-purpose information and reports d. Following generally accepted accounting principles

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Answers (2)

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Cole Francis · Answer 1

The correct choice here is C)

Managerial Accounting is primarily focused on the provision of financial and non-financial decision-making information to managers.

It may also be defined as analysing information to advise business strategy and drive sustainable business success.

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Meredith Goodman · Answer 2

c. Providing special-purpose information and reports

Explanation:

Managerial or management accounting unlike financial accounting which focuses on historical data involves the review of management's forecast or budget with the actual results obtained.

It is used by management for internal decision making unlike financial accounting which follows a defined framework that is useful for both internal and external users of the financials.

Hence, Managerial accounting is primarily focused on Providing special-purpose information and reports.