How many of the following are differences between management and financial accounting?
*Types of reports produced
*Frequency of reports
*The format of reports
*The users of reports
A)One
B)Two
C)Three
D)Four

Question

Quizplus · Accepted Answer

All four options listed are differences between management and financial accounting. Management accounting reports are typically more detailed and forward-looking, while financial accounting reports are more focused on presenting historical financial information to external stakeholders. Management accounting reports may be produced weekly or even daily, while financial accounting reports are typically produced quarterly, semi-annually, or annually. The format of management accounting reports may be highly customizable to meet the needs of specific users, while financial accounting reports must follow specific accounting standards and formats. Finally, the users of management accounting reports are generally internal stakeholders such as managers and employees, while the users of financial accounting reports are typically external stakeholders such as investors, regulators, and creditors.

How Many of the Following Are Differences Between Management and Financial