urses / Conestoga 09/2020] ACCT2460 - Section 19 Chapter 1: An Overview of Managerial Accounting Take me to the text Indicate whether the following statements describe financial accounting or managerial accounting. Largely based on forecasting future sales and cash flows, calculating costs and preparing budgets. Is concerned with collecting data of historical nature. Choose... Choose... . Choose... 4 Reports are very detailed and provide a wealth of information. Must follow Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) set by professional bodies. Primarily prepared for external users such as creditors and stockholders so that they can make sound financial or investment decisions. Does not require independent examination. Choose... . Choose... Choose... e Next page