Problem:
Management vs financial accounting and mangers' use of information:
The following statements consider how managers use information.
a. Companies must follow GAAP in their ____ systems.
b. Financial accounting develops reports for external parties, such as ____and ___
c. When managers compare the company's actual results to the plan , they are performing the _____ role of management.
d. ____ are decision makers inside a company.
e. ____ provides information on company's past performance.
f. ____ systems are not restricted by GAAP but are chosen by comparing the costs versus the benefits of the system.
g. Choosing goals and the means to achieve them is the____ function of management.
Requirement:
Complete the statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.
- budget
- controlling
- creditors
- financial accounting
- managers
- management accounting
- Planning
- shareholders.