Financial accounting information and managerial accounting information have a number of distinguishing characteristics. For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting by choosing the letter F and indicate those characteristics which are more closely associated with managerial accounting by choosing the letter M :
-General-purpose reports
A) F
B) M

Question

Quizplus · Accepted Answer

General-purpose reports are more closely related to financial accounting because they are intended for external users such as investors, creditors, and regulators, and are standardized to ensure comparability across organizations.

Financial Accounting Information and Managerial Accounting Information Have a Number