Which of the following is true about Managerial Accounting?

There are no formal external reporting standards surrounding it.

Emphasis is placed on usefulness in management decision-making.

It focuses on internal use of information.

All of these statements are true about Managerial Accounting.

Which of the following is true about Financial Accounting?

It summarizes past event into general-purpose financial statements.

Measurements are expressed in financial and non-financial terms.

It focuses on internal use of information.

There are no formal external reporting standards surrounding it.

Wal-Mart's strategic position would be definted by Porter as:

Market Niche

Service Differentiation

Product Differentiation

Cost Leadership