Accounting designed to meet the needs of decision-makers inside the business is referred to as:
A) general accounting
B) financial accounting
C) managerial accounting
D) external accounting

Question

Quizplus · Accepted Answer

Managerial accounting is designed to provide financial information that helps managers make decisions within the organization. It provides internal financial reports, cost analyses, budgeting, and performance evaluation to support management decision-making. General accounting and external accounting are broader terms that encompass all accounting activities within and outside the organization, respectively. Financial accounting focuses on generating financial statements that comply with external reporting requirements, such as GAAP or IFRS.

Accounting Designed to Meet the Needs of Decision-Makers Inside the Business