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 :
-Reports issued quarterly or annually
A) F
B) M

Question

Quizplus · Accepted Answer

Financial accounting reports, such as income statements, balance sheets, and cash flow statements, are typically issued on a quarterly or annual basis to external stakeholders, including investors, creditors, and regulatory bodies. Managerial accounting reports, on the other hand, can be generated as needed for internal decision-making purposes and do not follow a strict quarterly or annual schedule.

Financial Accounting Information and Managerial Accounting Information Have a Number