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Hello,Attached please find the completed assignment in the Word file provided. Also attached is the Excel doc I used to create the work flowchart and the journal entries.Thanks again,Selenica
Running head: MANAGERIAL VS FINANCIAL ACCOUNTING
Managerial vs Financial Accounting
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MANAGERIAL VS FINANCIAL
Managerial vs Financial Accounting
Page 30: Questions 1, 2, 4, 5, 8
Page 31: Brief Exercises 1-2, 1-3, 1-4, 1-5
Page 75: Brief Exercises 2-1 through 2-5
1a) “Managerial Accounting is a field of accounting that provides economic
information for all interested parties.” Do you agree? Explain.
I agree with this statement. Managerial accounting is designed to present information that
must be used to make decisions that are economic in nature, as opposed to “financial”. The
difference between economic and financial decisions, as managerial accounting is concerned, are
the end-users: shareholders and investors do not require this information. However, managers
and those who run the business do require the information presented by managerial accounting.
Decisions are made regarding economic factors: production volume, costs, fixed and variable
expenses, overhead, and similar things all interested parties need.
1 b) Joe Delong believes that managerial accounting serves only manufacturing
firms. Is Joe correct? Explain.
Joe would be wrong. Managerial accounting is of critical value for all businesses. Every
business has to deal with costs, expenses, overhead, and performance evaluation. Even service
firms need managerial accounting.
MANAGERIAL VS FINANCIAL
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2.Distinguish between managerial and financial accounting as to (a) primary users of
reports, (b) types a...