Which of the following items does not represent a difference between financial and managerial accounting?Multiple ChoiceFocus of the information.Inclusion of monetary information.Users of the information.Flexibility of reporting.Timeliness of information.

Financial accounting and managerial accounting differ in terms of who uses the information. Financial accounting provides information primarily for Blank______.Multiple choice question.managerial accountantspeople outside the organizationpeople inside the organizationthe government

Multiple Choice QuestionThe information and analysis that comes from managerial accounting is used to ______.Multiple choice question.prepare tax returns and financial statements required by the IRSaudit the firm's business activities and verify the accuracy of financial statementsprovide information to potential investors of the firmassist managers inside the organization with their decision making

Financial accounting provides information to people inside of an organization, whereas managerial accounting provides information to people outside of an organization.True false question.TrueFalse

Which statement best describes accounting information?Group of answer choicesAccounting information is the means by which firms report all their non-monetary events and/or transactions.Accounting information never considers the volatile changes in the firm's micro and macro environments.Accounting information is the means by which firms communicate their financial positions to capital providers.Accounting information cannot be used by firms for investment analysis and tax analysis.

Difference between Management and Financial accounting Management Accounting Financial AccountingInformation usually/mainly produced for Internal use e.g. managers and employees External use e.g. stake holder, payable, lender, banks, government etc.Purpose of Information To aid planning, controlling and decision making. To record the financial performance in the period and the position at the end of that period.Legal Requirement None Limited companies must provide financial accountsFormats Management decide on the information they require and most useful way of presenting it. Formats and contents of financial accounts intended to give true and fair view, should follow accounting standards and company law.Nature of information Financial and Non- financial Mostly financial Time period Historical and forward working Mainly a historical researchExplain this in detail by making table and please use easy wording because i am not good in English and also give each example