Listed below are 12 characteristics of accounting, some of which are more closel
ID: 2464001 • Letter: L
Question
Listed below are 12 characteristics of accounting, some of which are more closely related to financial accounting, while others are related to managerial accounting.
____
a.
Focuses on external users.
____
b.
Uses a present and future timeframe.
____
c.
Uses qualitative and quantitative data.
____
d.
Reports are concerned primarily with the total company.
____
e.
Is governed by GAAP.
____
f.
Focuses on internal users.
____
g.
Uses report formats prescribed by GAAP.
____
h.
Reports are concerned with individual departments.
____
i.
Uses quantitative data.
____
j.
Is governed by the internal needs of a company.
____
k.
Uses report formats best suited for the specific decisions being made.
____
l.
Uses an historical timeframe.
Required:
Indicate which characteristic is financial and which is managerial by placing an (F) or an (M) in the space provided.
____
a.
Focuses on external users.
____
b.
Uses a present and future timeframe.
____
c.
Uses qualitative and quantitative data.
____
d.
Reports are concerned primarily with the total company.
____
e.
Is governed by GAAP.
____
f.
Focuses on internal users.
____
g.
Uses report formats prescribed by GAAP.
____
h.
Reports are concerned with individual departments.
____
i.
Uses quantitative data.
____
j.
Is governed by the internal needs of a company.
____
k.
Uses report formats best suited for the specific decisions being made.
____
l.
Uses an historical timeframe.
Explanation / Answer
a.
F
b.
M
c.
M
d.
F
e.
F
f.
M
g.
F
h.
M
i.
F
j.
M
k.
M
l.
F
a.
F
b.
M
c.
M
d.
F
e.
F
f.
M
g.
F
h.
M
i.
F
j.
M
k.
M
l.
F
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