Internal reporting managerial accounting Flashcards
1
Q
Internal reporting managerial accounting
A
Financial reports for internal use by company management:
sales report
production cost report
other detailed financial reports
2
Q
External reporting:
A
Financial statements for use by investors, lenders and others outside the organisation:
balance sheet,
income statement,
statement of cash flow
3
Q
annual report,
A
A yearly document that describes a firm’s financial status.
4
Q
the primary financial statements included in the annual report are:
A
The balance sheet
The income statement (or statement of operations)
The statement of cash flows