Financial Accounting vs. Managerial Accounting Quiz

What is the primary focus of financial accounting?

• Maximizing profits for the company

• Providing financial information to external users

• Managing employee payroll

• Providing financial information to internal users

What is the primary focus of managerial accounting?

• Managing employee payroll

• Preparing financial statements for external use

• Internal decision-making and planning

• Calculating taxes for the company

Which type of accounting is more concerned with providing information to external users?

• Cost accounting

• Financial accounting

• Tax accounting

• Managerial accounting

Which type of accounting is more concerned with providing information to internal users?

• Tax accounting

• Financial accounting

• Managerial accounting

• Cost accounting

Which type of accounting is more regulated by standard accounting principles?

• Managerial accounting

• Cost accounting

• Tax accounting

• Financial accounting

Which type of accounting is more flexible in terms of reporting?

• Financial accounting

• Managerial accounting

• Cost accounting

• Tax accounting

What are the main financial statements prepared in financial accounting?

• Expense report, liability statement, and revenue statement

• Budget report, income summary, and expenditure statement

• Profit statement, equity statement, and investment statement

• Income statement, balance sheet, and cash flow statement

What are the main reports prepared in managerial accounting?

• Income statement, balance sheet, and cash flow statement

• Tax reports, audit reports, and compliance reports

• Budget reports, performance reports, and variance analysis reports

• Sales reports, marketing reports, and customer feedback reports

Which type of accounting is more historical in nature?

• Cost Accounting

• Tax Accounting

• Financial Accounting

• Managerial Accounting

Which type of accounting is more future-oriented and forward-looking?

• Tax Accounting

• Cost Accounting

• Auditing

• Managerial Accounting