Managerial accounting:
A)focuses only on historical data.
B)is governed by GAAP.
C)focuses primarily on the needs of personnel within the organization.
D)provides information for parties external to the organization.
E)focuses on ﬁnancial statements and other ﬁnancial reports.

Question

Quizplus · Accepted Answer

Managerial accounting primarily focuses on serving the needs of internal personnel within an organization, such as managers and decision makers, rather than external parties. It provides information for planning, decision making, and control within the organization. While it may use historical data, it also relies on future projections and estimates. It is not governed by GAAP, which is a set of accounting standards for external financial reporting. While it may contribute to financial statements and reports, its main focus is on internal decision making.

Managerial Accounting