Management accounting and financial accounting are similar in which of the following respects?
A) Both use the same unit of measurement.
B) Both rely heavily on the double-entry system.
C) Both produce almost all of their respective informational reports on a routine monthly basis.
D) Both provide relevant and useful information to management.

Question

Quizplus · Accepted Answer

Management accounting and financial accounting both provide information to enable decision-making by management. However, they differ in terms of the level of detail and the frequency of reporting. Financial accounting focuses on external financial reporting, while management accounting is geared towards internal decision-making and planning.

Management Accounting and Financial Accounting Are Similar in Which of the Following