Managerial Accounting Lesson 2

Managerial and Financial Accounting are the same

• True

• False

Three activities that Managerial Accounting helps managers do:

• Plan

• Act

• Manage

• Do

Which reports to people inside AND outside of the business?

• Managerial Accounting

• Financial Accounting

Which reports to people within the business. Typically managers

• Managerial Accounting

• Financial Accounting

What is the similarity of Financial Accounting and Managerial Accounting?

• Record and report financial information from business transactions

• Both follows GAAP

• Both are required by IRS and SEC

• Both do not have to be done

Which is required by GAAP or regulatory agencies?

• Managerial Accounting

• Financial Accounting

Which is future oriented?

• Managerial Accounting

• Financial Accounting

Which one reports on the past?

• Managerial Accounting

• Financial Accounting

Which reports the information needed to run the day to day operations of the business?

• Managerial Accounting

• Financial Accounting

Which is NOT one of the four areas of managerial accounting?

• Cost accounting

• Internal Auditing

• Planning and Forecasting

• Performing a Trial Balance