Which statement is incorrect? a. Both financial accounting and managerial accounting adhere to objectivity and cost concepts. b. Cost accounting is a tool of both financial accounting and managerial accounting. c. Although financial and managerial accounting differs in many ways, they are similar in that both rely on the same underlying financial data. d. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past e. None of the above
Which statement is incorrect? a. Both financial accounting and managerial accounting adhere to objectivity and cost concepts. b. Cost accounting is a tool of both financial accounting and managerial accounting. c. Although financial and managerial accounting differs in many ways, they are similar in that both rely on the same underlying financial data. d. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past e. None of the above
Accounting Information Systems
10th Edition
ISBN:9781337619202
Author:Hall, James A.
Publisher:Hall, James A.
Chapter7: The Conversion Cycle
Section: Chapter Questions
Problem 9MCQ: Which of the following statements regarding traditional accounting is true? a. Traditional...
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Which statement is incorrect?
a. Both financial accounting and managerial accounting adhere to objectivity and cost concepts.
b. Cost accounting is a tool of both financial accounting and managerial accounting.
c. Although financial and managerial accounting differs in many ways, they are similar in that both rely on the same underlying financial data.
d. Managerial accounting places greater emphasis on the future than financial accounting, which is primarily concerned with the past
e. None of the above
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