Management & Financial Accounting Differences

Question 1

(Financial/Management) accounting reports are in a set format ?

Answer 1

Financial account reports

Question 2

(Financial/Management) accounting reports meets the needs of the business ?

Answer 2

Management accounting reports

Question 3

(Financial/Management) accounting reports are usually available to internal users ?

Answer 3

Management accounting reports

Question 4

(Financial/Management) accounting reports are usually avaialble to externall users ?

Answer 4

Financial accounting reports

Question 5

(Financial/Management) accountings purpose is to assess financial performance ?

Answer 5

Financial accounting

Question 6

(Financial/Management) accountings purpose is to assist in decision-making, planning and control ?

Answer 6

Management accounting

Question 7

(Financial/Management) accountings reports consist of the statement of profit or loss and the statement of financial position ?

Answer 7

Financial accounting reports

Question 8

(Financial/Management) accountings reports consist of budgets, forecasts, rate of inflation ect ?

Answer 8

Management accountinng reports

Question 9

(Financial/Management) accounting reports are usually summarised at the end of the year and sometimes each month end ?

Answer 9

Financial accounting reports

Question 10

(Financial/Management) accountings reports contain detailed data collected daily or weekly ?

Answer 10

Management accounting reports