Brief Exercise 101 Complete the following comparison table b

Brief Exercise 10-1 Complete the following comparison table between managerial and financial accounting. Financial Accounting Managerial Accounting Primary users of reports Types of reports Frequency of report:s Purpose of reports Content of reports Verification process rights

Solution

Financial Accounting Managerial Accounting Primary users of reports External Users Internal Users Types of reports Financial Statements Internal Reports Frequency of reports Quarterly and Annually As Frequently as Needed Purpose of reports General Purpose Special-Purpose Information for Specific Decisions Content of reports Generally Accepted Accounting Principles Relevance to Decisions Verification process Annual Audit by Certified Public Accountant No Independent Audits