Management and financial accounting are used for which of the following purposes?
A)internal external
B)external internal
C)internal internal
D)external external

Question

Management and financial accounting are used for which of the following purposes? 
A)internal external 
B)external internal 
C)internal internal 
D)external external

Quizplus · Accepted Answer

Management accounting is used for internal purposes, such as decision making, planning, and performance evaluation within an organization. Financial accounting, on the other hand, is used for external purposes, such as providing financial statements to stakeholders outside of the organization (e.g. investors, creditors, regulatory bodies). Therefore, both management accounting and financial accounting serve both internal and external purposes, making choice A the best answer.

Management and Financial Accounting Are Used for Which of the Following