Practice Quiz

Veterinary Practice Manager

Category - CVPM

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Which of the following statements accurately demonstrates the difference between managerial accounting and financial accounting?
  1. Managerial accounting does not require the generation of financial reports, while financial accounting does
  2. Managerial accounting is concerned with future projections, and financial accounting records events from past transactions
  3. Managerial accounting provides information in support of financial decisions, while financial accounting does not
  4. Managerial accounting is not subject to the “generally accepted accounting principles” (GAAP), while financial accounting is
Explanation
Answer: D-The difference between managerial accounting and financial accounting is that managerial accounting is not subject to the “generally accepted accounting principles” (GAAP), while financial accounting is.
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