ICAG Paper 1.4 Cost & Management Accounting Practice Questions - ICAG Level 1 Introduction To Cost & Management Accounting (Paper 1.4) Exam

Which statement best contrasts management accounting with financial accounting?

Management accounting is legally mandatory for all Ghanaian entities; financial accounting is optional Management accounting is primarily forward-looking and internal; financial accounting emphasises historical external reporting Management accounting uses only cash-basis figures; financial accounting never uses estimates Management accounting ignores costs; financial accounting ignores revenues

Correct Answer:

Management accounting is primarily forward-looking and internal; financial accounting emphasises historical external reporting

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