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Identify the following characteristics as primarily related to financial accounting (FA) or managerial accounting (MA):

4. Has a focus on the future.

Short Answer

Expert verified

The correct answer for this question managerial accounting.

Step by step solution

01

Definition of Accounting

Accounting is defined as the process of recording, reporting, and analyzing financial transactions and interpreting these transactions.

02

Identification of Accounting type

The correct option is managerial accounting

Business managers work in a way to achieve the organizational goals so that business managers plan and decide how to achieve the organizational goals. Planning requires the business manager to look to the future.

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Most popular questions from this chapter

Calculating unit cost per service

Marx and Tyler provides hair-cutting services in the local community. In February, the business cut the hair of 190 clients, earned \(4,800 in revenues, and incurred the following operating costs:

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Explain the differences between planning, directing, and controlling.

Becky Knauer recently resigned from her position as controller for Shamalay Automotive, a small, struggling foreign car dealer in Upper Saddle River, New Jersey. Becky has just started a new job as controller for Mueller Imports, a much larger dealer for the same car manufacturer. Demand for this particular make of car is exploding, and the manufacturer cannot produce enough to satisfy demand. The manufacturerโ€™s regional sales managers are each given a certain number of cars. Each sales manager then decides how to divide the cars among the independently owned dealerships in the region. Because of high demand for these cars, dealerships all want to receive as many cars as they can from the regional sales manager.

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2. What are your options?

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