Multiple Choice
Ian works in the marketing department. What is the primary business objective of his department?
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1. Introduction to Accounting
Types of Accounting
Struggling with Financial Accounting?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which type of accounting focuses on providing information to internal users, such as managers, for decision-making purposes?
A
Tax accounting
B
Managerial accounting
C
Financial accounting
D
Auditing
Verified step by step guidance1
Understand the different types of accounting: Financial accounting focuses on providing information to external users like investors and creditors, while managerial accounting is designed to provide information to internal users such as managers for decision-making purposes.
Tax accounting deals with compliance and preparation of tax returns, focusing on tax regulations and laws.
Auditing involves examining financial records to ensure accuracy and compliance with standards, typically for external verification.
Identify the purpose of the question: It asks which type of accounting provides information to internal users for decision-making.
Conclude that the correct type of accounting for internal decision-making is managerial accounting, as it is specifically tailored to meet the needs of managers within an organization.
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