Comparing Financial & Managerial Accounting

Instructions:

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

question 1 of 3

Financial accounting provides which of the following information?

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1. Why are financial statements required to include financial information to external users?

2. Managerial accounting provides information for which target group?

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About This Quiz & Worksheet

Financial and managerial accounting have many similarities and differences, and this pair of study guides will help examine your knowledge of both types of accounting practices. Quiz questions will center on elements and practices of both financial and managerial accounting.

Quiz & Worksheet Goals

This pair of assessments will test you on:

  • Financial accounting and what it provides
  • Necessity of financial statements when providing information to external users
  • Managerial accounting and what it provides
  • The purpose of managerial accounting
  • The focus of predictive accounting

Skills Practiced

  • Reading comprehension - ascertain if you understand key information from the related managerial and financial accounting lesson
  • Information recall - access the knowledge you've gained regarding the uses and purpose for both types of accounting
  • Knowledge application - utilize your knowledge to answer questions about financial statements and predictive accounting

Additional Learning

To find out more information about the differences between financial and managerial accounting, read the accompanying lesson titled Comparing Financial & Managerial Accounting. The lesson will cover the following key topics:

  • Real life examples for both kinds of financial accounting
  • Enron and what it taught us about financial accounting
  • Trends in financial accounting and what they provide
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