QQuestionAccounting
QuestionAccounting
"Managerial accounting is primarily focused on:
Select one:
A. Providing information for internal and external users
B. Providing general purpose financial statements
C. Providing special-purpose information and reports
D. Following generally accepted accounting principles"
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Answer
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Step 1: Identify the main focus of managerial accounting
Managerial accounting is concerned with providing financial information to help managers make operational and strategic decisions within an organization. It primarily serves the needs of internal users such as managers, department heads, and business owners.
Step 2: Exclude options that do not align with managerial accounting
Option B, providing general-purpose financial statements, is more related to financial accounting, which prepares financial reports for external users like investors and creditors. Option D, following generally accepted accounting principles (GAAP), is also a financial accounting concept, ensuring consistency and transparency in financial reporting.
Final Answer
The correct answer is option C: Providing special-purpose information and reports.
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