Asked by Gilberto Camacho on May 28, 2024
Verified
Determine if the following is an emphasis o accounting:
1. Estimating the amount of materials needed for next month's production
2. Information in reports focuses on objectivity and verifiability
3. Reports follow GAAP or IFRS
4. Precise information that is more readily available is included in reports.
5. The focus and reporting emphasizes segments of an organization
6. Organizations may follow their own guidelines for reports generated.
GAAP or IFRS
Standards and principles that provide the framework for financial accounting and reporting, with GAAP used in the United States and IFRS internationally.
Objectivity and Verifiability
Accounting principles emphasizing the importance of unbiased financial information and the ability to confirm the accuracy of this data.
- Differentiate between managerial and financial accounting by examining their aims and reporting needs.
Verified Answer
Learning Objectives
- Differentiate between managerial and financial accounting by examining their aims and reporting needs.
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