Financial managerial and cost accounting
[DOC File]CHAPTER 1: INTRODUCTION
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However, the production cost data also are used to value inventory on manufacturer’s balance sheet, which is a financial accounting use. Cost Accounting focuses on determining the cost of making products or performing services and creates a over lap between Financial Accounting & Managerial Accounting.
[DOCX File]Financial Accounting
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Cost accounting . includes those parts of both financial and. managerial accounting that collect and analyze cost information. It provides the product cost data required for special reports to management (managerial accounting) and for inventory costing in the financial statements (financial accounting). 7. A . merchandiser
[DOC File]Study Guide -- Chapter 1
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10. Financial accounting is most concerned with addressing the needs of individual departments of the firm. ANS: F DIF: Easy OBJ: 1-1. 11. Managerial accounting is most concerned with addressing the needs of individual departments of the firm. ANS: T DIF: Easy OBJ: 1-1. 12. Cost accounting serves as a bridge between financial and managerial ...
Cost Accounting vs. Managerial Accounting - AccountingVerse
Financial and managerial accounting reflect two different ways to present a company’s information; the way the information is presented depends upon how the audience will use it. Financial accounting, because it is for the benefit of outsiders who are evaluating the company, is governed by GAAP rules.
[DOC File]Chapter 1—Introduction to Cost Management
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Cost management differs from financial accounting in the following major ways: (1) an internal focus, (2) an emphasis on the future, (3) freedom from GAAP and other mandatory rules, (4) a multidisciplinary scope, (5) an evaluation of individual segments within the firm, and (6) the provision of more detailed information.
[DOC File]Chapter 1: Introduction to Cost Management
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The emphasis is on accounting for a manufacturing concern, budgeting, planning, management decision making, and analysis of financial reports. Topics also include cost behavior and control, product cost accumulation and pricing, and responsibility accounting. Principles of Managerial Accounting is a 3 credit hour course.
[DOC File]Principles of Managerial Accounting
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d 5. Managerial accounting differs from financial accounting in that it is. a. more concerned with the future. b. more concerned with segments of a company. c. less constrained by rules and regulations. d. all of the above. b 6. One of the ways managerial accounting differs from financial accounting is that managerial accounting
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