Cost accounting differs from financial accounting in that financial accounting:
Cost accounting differs from financial accounting in that financial accounting:
a. Provides the additional information required for special reports to management.
b. Is mostly concerned with external financial reporting.
c. Is mostly concerned with individual departments of the company.
d. Puts more emphasis on future operations.
Homework Answers
Cost accounting differs from financial accounting in that financial accounting is mostly concerned with external financial reporting, whereas information provided by the cost accounting is used only by the internal management of the organization.
Hence, Option - (b) is Correct.
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Cost accounting differs from financial accounting in that financial accounting:
Managerial accounting differs from financial accounting in that financial accounting is
Managerial accounting differs from financial accounting in that financial accounting isa) More oriented toward the futureb) Primarily concerned with external financial reportingc) Related to nonquantitative informationd) Heavily involved with decision analysis and implementation of decisions
True (T) or False (F): T F1. Management accounting provides economicand financial information for...
True (T) or False (F): T F1. Management accounting provides economic and financial information for external users such as shareholders, creditors and banks.2. Financial accounting provides information for managers and other internal users.3. Financial accounting reports past results. 4. Management accounting is future oriented. 5. Management accounting is required to follow generally accepted accounting principles.6. Financial accounting examines monetary and non-monetary events.7. Cost accounting is used as a means of fixing a selling price.8. Cost accounting looks at...
The implementation of a cost accounting system in an organization would be considerable. Determine what benefit...
The implementation of a cost accounting system in an organization would be considerable. Determine what benefit in providing accounting information which will be useful for management purposes, and which will be instrumental in creating a more profitable and healthy company in the longer term. Briefly describe the major differences between management accounting and financial accounting for the following: Is financial accounting or management accounting more useful to an operations manager? Why? Primary users Focus and emphasis Rules of measurement and...
Indicate whether the following statements describe financial accounting or managerial accounting.
Take me to the textIndicate whether the following statements describe financial accounting or managerial accounting.Largely based on forecasting future sales and cash flows, calculating costs and preparing budgets.is concerned with collecting data of historical nature.Reports are very detailed and provide a wealth of information.Must follow Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) set by professional bodies.Primarily prepared for external users such as creditors and stockholders so that they can make sound financial or investment decisions.Does not...
1. Choose the answer that is not a distinguishing characteristic of financial accounting information. It is...
1. Choose the answer that is not a distinguishing characteristic of financial accounting information. It is global information that reflects the performance of the whole company. It is used primarily by internal users to facilitate decision making within the company. It is more concerned with financial data than physical or economic data. It is more highly regulated than managerial accounting information. 2. What types of businesses can use a job costing system? A. Manufacturing and merchandising businesses B....
Integrated reporting differs from traditional financial reporting as integrated reporting: Focuses on the historical accounting data....
Integrated reporting differs from traditional financial reporting as integrated reporting: Focuses on the historical accounting data. Addresses the accounting information needs of investors, lenders and creditors only. Focuses on 6 capitals being financial, manufactured, intellectual, human, social and natural capitals. Does not address externalities (e.g. the environment, communities).
1. Cost accounting system provides: a. Detailed cost information for planning b. Relevant information management of...
1. Cost accounting system provides: a. Detailed cost information for planning b. Relevant information management of current operations c. Important information for reporting to investors d. Only (a) and (b) e. None of the above.
[A Financial accounting information and managerial accounting information have a number of distinguishing characteristics. To submit...
[A Financial accounting information and managerial accounting information have a number of distinguishing characteristics. To submit your answer, number your answer space 1 through 10 (corresponding to the numbering of the items below). For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting by placing the letter "F" in the space to the left of the item and indicate those characteristics which are more closely associated with managerial accounting by placing the letter...
A Financial accounting information and managerial accounting information have a number of distinguishing characteristics. To submit...
A Financial accounting information and managerial accounting information have a number of distinguishing characteristics. To submit your answer, number your answer space 1 through 10 (corresponding to the numbering of the items below). For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting by placing the letter "F" in the space to the left of the item and indicate those characteristics which are more closely associated with managerial accounting by placing the letter...
QUESTION 17 Financial accounting does not deal with which of the following? Measuring a company's economic...
QUESTION 17 Financial accounting does not deal with which of the following? Measuring a company's economic activity. Providing information to internal users. Preparing financial reports. Communicating financial results to investors. QUESTION 18 Financial accounting objectives do not include providing information: O Useful to investors and creditors in making decisions. To determine market values, assess profit potential, and evaluate management. Helpful to investors in predicting cash flows That tells about a company's economic resources and claims to those resources. QUESTION 19...
Take me to the textIndicate whether the following statements describe financial accounting or managerial accounting.Largely based on forecasting future sales and cash flows, calculating costs and preparing budgets.is concerned with collecting data of historical nature.Reports are very detailed and provide a wealth of information.Must follow Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) set by professional bodies.Primarily prepared for external users such as creditors and stockholders so that they can make sound financial or investment decisions.Does not...
Integrated reporting differs from traditional financial reporting as integrated reporting: Focuses on the historical accounting data. Addresses the accounting information needs of investors, lenders and creditors only. Focuses on 6 capitals being financial, manufactured, intellectual, human, social and natural capitals. Does not address externalities (e.g. the environment, communities).
1. Cost accounting system provides: a. Detailed cost information for planning b. Relevant information management of current operations c. Important information for reporting to investors d. Only (a) and (b) e. None of the above.
[A Financial accounting information and managerial accounting information have a number of distinguishing characteristics. To submit your answer, number your answer space 1 through 10 (corresponding to the numbering of the items below). For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting by placing the letter "F" in the space to the left of the item and indicate those characteristics which are more closely associated with managerial accounting by placing the letter...
A Financial accounting information and managerial accounting information have a number of distinguishing characteristics. To submit your answer, number your answer space 1 through 10 (corresponding to the numbering of the items below). For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting by placing the letter "F" in the space to the left of the item and indicate those characteristics which are more closely associated with managerial accounting by placing the letter...
QUESTION 17 Financial accounting does not deal with which of the following? Measuring a company's economic activity. Providing information to internal users. Preparing financial reports. Communicating financial results to investors. QUESTION 18 Financial accounting objectives do not include providing information: O Useful to investors and creditors in making decisions. To determine market values, assess profit potential, and evaluate management. Helpful to investors in predicting cash flows That tells about a company's economic resources and claims to those resources. QUESTION 19...
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