Warnings appear when half the time, 5 minutes, 1 minute, and 30 seconds remain u

Question

Warnings appear when half the time, 5 minutes, 1 minute, and 30 seconds remain utiple Atempts Not allowed. This test can only be taken once orce Completion Once started, this tost must be completed in one siting. Do not leave the test before clicking Save and Submit Remaining Time: 1 hour, 51 minutes, 29 seconds Question Completion Status: QUESTION 1 a) Discuss the following differences between Financial accounting vs. managerial accounting relative to (1) primary users of reports, (2) types and froquency of reports, ?) standards to be followed. and (4) nature (terms) of reports Defne and pve two examples of (1) Products cost porod oosts. cl identify the Inventories for a merchandising company and compare with inventories identified for a manufacturing company. BE SPECIFIC For the toolbar, press ALT F10 (PC) or ALT-FN+F10 Mac) thn prima y users of eg rts to financial ao outing are external users ??ch as st ih ders, cred on, nd reglators and mana erial ace ur ting are internal users such as officers and managens 2) the types and frequency of reports for financial internal reports and they are reported as frequently as needed accounting ane the financial statements are quarterly and annualy, and managerial accounting it is financial statements are Click Save and Submit to sqve and submit. Click Sove All Ansuers to save all anners 2 4 5 0

Explanation / Answer

Ans A part 3 - financial accounting follows standard such as GAAP , IFRS, IAS etc whereas nmanagement accounting fore not follow any standard

And A part 4- financial accounting prepares summarised reports to be audited and published whereas management accounting prepares complete and detailed reports regarding information which is neither published nor audited

Ans B - product cost example - direct material , direct labour Period cos example - rent , depreciation

Ans C - inventories for merchandising company are resale products whereas manufacturing industry have inventory like raw material , work in progress , finished goods etc

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