QUESTION 2 The emphasis of financial accounting is on O time

QUESTION 2 The emphasis of financial accounting is on: O timeliness, relevance, and segment reports O obje?tivity, precision, and companywide reports. O planning, controlling, and decision making. O financial consequences of past activities, decisions affecting the future, and segment reports QUESTION 3 The emphasis of managerial accounting is on: O decisions affecting the past, precision, relevance. organizing, summarizing, and precision. O segment reports, relevance, decisions affecting the future. O mandatory reporting, following GAAP/IFRS, and decision making.

Solution

Answer 2.

Option B, objectivity requires that the decision is based on verfiable evidence, precision requires that the figures should be accurate and all the reports are company wide as a whole in a consolidate form with the notes to accounts

Answer 3.

Option C, focus of managerial accounitng is on providing data for future decision making, relevant to the decision making and segments of the entity which incurs cost.

Please give a like for the corrrect and well explained answer