1. Primary users are external 2. Includes more nonmonetary information 3. Focuses more on the future 5. Controlled by GAAP 6. Used in managers' planning decisions 7. Focuses on the whole organization 8. Not constrained by GAAP 4. Uses many estimates and projections

1. Primary users are external 2. Includes more nonmonetary information 3. Focuses more on the future 5. Controlled by GAAP 6. Used in managers' planning decisions 7. Focuses on the whole organization 8. Not constrained by GAAP 4. Uses many estimates and projections

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter8: Specialized Audit Tools: Attributes Sampling, Monetary Unit Sampling, And Data Analytics Tools

Section: Chapter Questions

Problem 38CYBK

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Question

Following are aspects of accounting information. Classify each as pertaining more to financial accounting or to managerial accounting.

1. Primary users are external
2. Includes more nonmonetary information
3. Focuses more on the future
5. Controlled by GAAP
6. Used in managers' planning decisions
7. Focuses on the whole organization
8. Not constrained by GAAP
4. Uses many estimates and projections

Definition Definition Process by which financial information is analyzed, interpreted, and communicated to managers to support the achievement of an organization's goals. The main objective of managerial accounting is to maximize profits and minimize losses.

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