Answer:
1. Managerial accounting
2. Financial accounting
3. Both financial and managerial accounting.
4. Financial accounting
5. Financial accounting
6. Financial accounting
7. Financial accounting
8. Managerial accounting
9. Managerial accounting
10. Both financial and managerial accounting.
11. Neither financial nor managerial accounting.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP). Examples of financial statements includes Balance sheet, cash-flow and income statement.
Managerial accounting also known as cost accounting is an accounting technique focused on identification, measurement, analyzing, interpretation, and communication of financial information to managers for better decisions making and pursuit of the organization's goals.
1. Managerial accounting: Is future oriented.
2. Financial accounting: Is used primarily by external parties.
3. Both financial and managerial accounting: Is relied on for making decisions.
4. Financial accounting: Is historical in nature.
5. Financial accounting: Has reports that can be obtained through the company website or requested from the company CFO for publicly traded companies.
6. Financial accounting: Is reported in aggregate for the company as a whole.
7. Financial accounting: Has reports that may be created daily or even in real time.
8. Managerial accounting: Is used mostly by managers within the company.
9. Both financial and managerial accounting: Must be accurate to help decision makers.
10. Neither financial nor managerial accounting: Is always available on the Internet to any interested party.
