Colcampus
Question1
1.1
1.2
Financial
accounting
A It focuses on the history and
reports on the prior quarter or
year.
X
B It focuses on the present and
forecasts the future.
C They are reported in a specific
format
so
that
different
organizations can be easily
compared.
D Format is informal and is on a
per department/company basis as
needed.
X
X
X
E Reports are only used Internally
within the organization, so they
are not subject to the legal
requirements.
F Generates ‘specific purpose’
financial statements.
G Reporting frequencies are semiannually, quarterly and yearly.
Management
Accounting
X
X
X