For each item listed below, indicate whether you feel it relates to financial or managerial accounting....

For each item listed below, indicate whether you feel it relates to financial or managerial accounting. Explain your reasoning behind your answer for each item.

a. Projected net income for next quarter by division

b. Defective goods produced as a percentage of all goods produced

c. Income statement for the most current year, prepared in accordance with U.S. GAAP.

d. Monthly sales broken down by geographic region

e. Production department budget for the next quarter.

f. Balance sheet at the end of the current year, prepared in accordance with U.S. GAAP.

Please be sure to explain the reasoning.

Solutions

Expert Solution

For each item listed below, indicate whether you feel it relates to financial or managerial accounting. Explain your reasoning behind your answer for each item.		Explanation
a. Projected net income for next quarter by division	Managerial Accounting	The Managerial accounting helps manager to take financial and non-financial decision for planning and controlling for future use.This information is for future projection involves division of the company.
b. Defective goods produced as a percentage of all goods produced	Managerial Accounting	It is the non financial information about the defective goods.
c. Income statement for the most current year, prepared in accordance with U.S. GAAP.	Financial Accounting	It is the historical Information prepared in accordance with U.S. GAAP.
d. Monthly sales broken down by geographic region	Managerial Accounting	This information helps manager to understand how much revenue the company is generating monthly by geographic region.
e. Production department budget for the next quarter.	Managerial Accounting	The Managerial accounting helps manager to take financial and non-financial decision for planning and controlling for future use.This information is for future projection involves division of the company.
f. Balance sheet at the end of the current year, prepared in accordance with U.S. GAAP.	Financial Accounting	It is the historical Information prepared in accordance with U.S. GAAP.

ekkarill92 answered 8 months ago

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