Multiple Choice
Which of the following is an activity a company performs to promote a product or service?
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1. Introduction to Accounting
Types of Accounting
Struggling with Financial Accounting?
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Which type of accounting focuses on measures that are tied to the financial or strategic goals of the organization?
A
Cost accounting
B
Managerial accounting
C
Financial accounting
D
Tax accounting
Verified step by step guidance1
Understand the different types of accounting mentioned in the problem: Cost accounting, Managerial accounting, Financial accounting, and Tax accounting.
Review the definition of Managerial accounting: It focuses on providing information to internal stakeholders, such as managers, to help them make decisions aligned with the organization's financial or strategic goals.
Compare Managerial accounting with Financial accounting: Financial accounting is primarily concerned with providing financial information to external stakeholders, such as investors and creditors, and follows standardized reporting formats.
Contrast Managerial accounting with Cost accounting: Cost accounting is a subset of Managerial accounting that specifically deals with analyzing and controlling costs within the organization.
Clarify the role of Tax accounting: Tax accounting focuses on compliance with tax laws and regulations, ensuring accurate reporting for tax purposes, which is not directly tied to strategic organizational goals.
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