Asked by Ashley Armstrong on Jun 24, 2024
Verified
Managerial accounting provides financial and nonfinancial information to an organization's managers and other internal decision makers.
Financial Information
Data related to financial transactions, including details about revenues, expenses, assets, and liabilities, used for analysis and decision-making.
- Understand the importance of providing both financial and nonfinancial information in managerial accounting for internal decision-making.
Verified Answer
DK
Daisy KarekeziJun 24, 2024
Final Answer :
True
Explanation :
Managerial accounting focuses on providing information for internal decision making and is not required to follow generally accepted accounting principles (GAAP). Managerial accounting information is used by managers to make decisions such as cost analysis, performance evaluation, and budgeting. Nonfinancial information, such as customer satisfaction or employee turnover, may also be included as part of the managerial accounting process.
Learning Objectives
- Understand the importance of providing both financial and nonfinancial information in managerial accounting for internal decision-making.
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