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Write C (Cost/Managerial), F (Financial), or T (Tax) next to each of the following statements. The purpose of this information is to calculate taxable income.
Write C (Cost/Managerial), F (Financial), or T (Tax) next to each of the following statements. The purpose of this information is to calculate taxable income. This information must follow Generally Accepted Accounting Principles. Types of information generated from this type of accounting are financial statements that were subject to audit. This information is not subject to rules and regulations on report type, format, etc. Types of information generated by this type of accounting are budgets, cost analysis, and department reports. The purpose of this information is to help managers make decisions about the operations of the company. The purpose of this information is to capture, using accrual accounting, the economic reality of an organization. The users of this information are primarily only managers and employees. This information is subject to the Internal Revenue Code and Regulations. Users of this information are the general public, managers and employees, creditors, and investors
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