The financial manager interacts jointly with many different individuals and departments within the firm. Forecasting and planning, as well as coordination and control, are two of the major areas of responsibility where this interaction takes place. A. True
B. False

A. True

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP). Examples of financial statements includes Balance sheet, cash-flow and income statement.

Managerial accounting also known as cost accounting is an accounting technique focused on identification, measurement, analyzing, interpretation, and communication of financial information to managers for better decisions making and pursuit of the organization's goals.

The financial manager interacts jointly with many different individuals and departments within the firm.

Basically, the two of the major areas of responsibility where this interaction takes place are;

I. Forecasting and planning: this refers to the strategic process of predicting future occurrences with respect to the organization and making plans to mitigate any potential failures or challenges.

II. Coordination and control: it involves the process of managing and controlling the various employees working in an organization, in order to achieve set goals and objectives successfully.

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