Management And Financial

Question 1

Is financial accounting for the past or future

Answer 1

Past year of the business- annual

Question 2

Is management accounting for the past or future

Answer 2

Management accounting is for the present ->future

Question 3

What is financial accounting used for

Answer 3

To look at the problems that have occurred over the past year

Question 4

What is management accounting used for

Answer 4

To look at how to improve things going forward. Aid business decisions

Question 5

What is produced from financial accounting

Answer 5

Income statements and statements of financial position (balance sheets)

Question 6

What does management accounting produce

Answer 6

Preparation of budgets, cost of manufacturing

Question 7

How often is financial accounting

Answer 7

Annually

Question 8

How often is management accounting done

Answer 8

On a regular basis- as much as the business feels is necessary

Question 9

Does financial or management accounting need to be done in a set format

Answer 9

Financial, management accounting can be in any format

Question 10

Who is the information provided by a financial accountant used for

Answer 10

External stakeholders

Question 11

Who is the information provided for by a management accountant used for

Answer 11

Managers, to make day-to-day operations and decisions