CIMA BA2 Practice Questions - CIMA Certificate In Business Accounting BA2 Fundamentals Of Management Accounting Exam

Which statement correctly distinguishes financial accounting from management accounting?

Financial accounting is mainly for internal use, while management accounting is for external use Both are governed by the same statutory reporting framework Financial accounting follows external regulations and is historical, while management accounting is flexible and future-oriented Management accounting reports must follow IFRS in the same way as financial statements

Correct Answer:

Financial accounting follows external regulations and is historical, while management accounting is flexible and future-oriented

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