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 :
-Prepared in accordance with generally accepted accounting principles
A) F
B) M

Question

Quizplus · Accepted Answer

Financial accounting information is prepared in accordance with generally accepted accounting principles (GAAP), ensuring consistency and comparability across companies. Managerial accounting information, on the other hand, is more flexible and tailored to the internal needs of the company, not necessarily adhering to GAAP.

Financial Accounting Information and Managerial Accounting Information Have a Number