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Managerial Accounting vs. Financial Accounting

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following best defines generally accepted accounting principles (GAAP)?

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1. Which of the following best defines International Financial Reporting Standards (IFRS)?

2. Choose the best answer to explain managerial accounting.

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About This Quiz & Worksheet

This quiz and worksheet help you quickly gauge your understanding of the purpose and components of financial and managerial accounting. Terms you will need to be familiar with for the quiz include GAAP and IFRS.

Quiz & Worksheet Goals

This quiz/worksheet combo helps you review:

  • IFRS
  • GAAP
  • Managerial accounting
  • Financial accounting

Skills Practiced

You can use this worksheet and quiz to practice the following skills:

  • Information recall - access the knowledge you have gained regarding the IFRS
  • Interpreting information - verify that you can read information regarding managerial accounting principles and interpret it correctly
  • Reading comprehension - ensure that you draw the most important information from the related lesson on financial and managerial accounting

Additional Learning

To learn more about financial and managerial accounting, check out the lesson called Managerial Accounting vs. Financial Accounting. This lesson will help you:

  • Compare and contrast financial accounting and managerial accounting
  • Understand the purpose of managerial accounting
  • Define accounting
  • Determine what IFRS stands for
  • Learn what investors rely on
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