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

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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

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3
Q

annual report,

A

A yearly document that describes a firm’s financial status.

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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

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