Question

The only skill required of managerial accountants is that they have a solid knowledge of both financial and managerial accounting.

Answer 1

False

Step-by-step explanation:

we could see the following difference between Managerial and Financial accounting

Managerial Accounting

• Primary User: Internal
• Purpose of Information: To help managers make decisions
• Focus: Segments
• Frequency: As needed
• Auditing: Not subject to audit
• Required: No
• Time Frame Focused:Future

Managerial Accounting

• Primary User: External
• Purpose of Information: To help investor and creditor make decisions
• Focus: Entire organization as a whole
• Frequency: Quarterly and annually
• Auditing: Publicly held companies are audited
• Required: Required by GAAP, SEC, IRS, and others
• Time Frame Focused: Past (historical transactions)