Question 1
Financial accounting is concerned primarily with ________.
◦ external reporting to investors, creditors, and government authorities
◦ cost planning and cost controls
◦ product design and marketing strategies
◦ providing information for strategic and tactical decisions
Question 2
Financial accounting provides a historical perspective, whereas management accounting emphasizes ________.
◦ the future
◦ past transactions
◦ a current perspective
◦ reports to shareholders