Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following is a characteristic of managerial accounting?

It focuses on providing information for internal decision-making.

Its reports are usually intended for external stakeholders such as investors and creditors.

It is primarily governed by Generally Accepted Accounting Principles (GAAP).

It emphasizes historical data over future projections.

Previous problemNext problem

Verified step by step guidance

Understand the distinction between managerial accounting and financial accounting. Managerial accounting focuses on internal decision-making, while financial accounting is aimed at external stakeholders such as investors and creditors.

Recognize that managerial accounting is not governed by Generally Accepted Accounting Principles (GAAP). Instead, it is flexible and tailored to meet the needs of internal management.

Identify that managerial accounting emphasizes future projections and planning rather than historical data, which is a key characteristic of financial accounting.

Evaluate the options provided in the question to determine which aligns with the characteristics of managerial accounting. Focus on internal decision-making as the primary purpose.

Conclude that the correct characteristic of managerial accounting is its focus on providing information for internal decision-making, as opposed to external reporting or strict adherence to GAAP.