Elance Exams Answers PDF file

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Which of the following is true regarding the comparison between managerial and financial accounting?

Managerial accounting has a past focus and financial accounting has a future focus.
Managerial accounting need not follow Generally Accepted Accounting Principles (GAAP), while financial accounting must follow them.
Managerial accounting is generally more precise.
The emphasis on managerial accounting is relevance and the emphasis on financial accounting is timeliness.
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