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Listed Below Are 12 Characteristics of Accounting, Some of Which

Question 41

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Listed below are 12 characteristics of accounting, some of which are more closely related to financial accounting, while others are related to managerial accounting.
Indicate which characteristic is financial and which is managerial.

Premises:
Focuses on external users.
Uses a present and future timeframe.
Uses qualitative and quantitative data.
Reports are concerned primarily with the total company.
Is governed by GAAP.
Focuses on internal users.
Uses report formats prescribed by GAAP.
Reports are concerned with individual departments.
Uses quantitative data.
Is governed by the internal needs of a company.
Uses report formats best suited for the specific decisions being made.
Uses an historical timeframe.
Responses:
financial
managerial

Correct Answer:

Focuses on external users.
Uses a present and future timeframe.
Uses qualitative and quantitative data.
Reports are concerned primarily with the total company.
Is governed by GAAP.
Focuses on internal users.
Uses report formats prescribed by GAAP.
Reports are concerned with individual departments.
Uses quantitative data.
Is governed by the internal needs of a company.
Uses report formats best suited for the specific decisions being made.
Uses an historical timeframe.
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