Which of the following characteristics apply to Financial Accounting,and which apply to Management Accounting?
(i) Required by law
(ii) Historic data
(iii)Information is only available within the organisation
A) (i) applies to Financial Accounting. (ii) and (iii) apply to Management Accounting
B) (i), (ii) and (iii) apply to Financial Accounting only
C) (i) and (ii) apply to Financial Accounting. (iii) applies to Management Accounting
D) (i), (ii) and (iii) apply to Management Accounting only

Question

Quizplus · Accepted Answer

Financial Accounting is mandatory; management accounting is not.Published Accounts use historic data. Management accounting will be more concerned with predicting the future.Company accounts are available publically - although you may have to pay a fee to Companies House in some cases. Whereas management accounting is for internal use.

Which of the Following Characteristics Apply to Financial Accounting,and Which