Which of the following is not a characteristic of financial accounting?
Which of the following is not a characteristic of financial accounting?
Multiple Choice
Reports are prepared periodically.
Financial reports are prepared according to GAAP.
Information is used by external parties.
Information is subjective, relevant and future-oriented
Homework Answers
Correct Option D:
The given option D is the characteristics of managerial accounting and not financial accounting. Financial accounting is not future oriented, its based on historical data.
Add Answer to:
Which of the following is not a characteristic of financial accounting?
Question 4 (2 points)E hich of the following is true of managerial accounting? The primary users...
Question 4 (2 points)E hich of the following is true of managerial accounting? The primary users of managerial accounting reports are external users Managerial accounting reports are internat reports issued as frequently as the need arises . The purpose of managerial accounting reports is to provide general purpose financial information for all users. Managerial accounting reports must be prepared according to GAAP Save Question 5 12 points B Which of the following is true of managerial accounting? The primary users...
Indicate which of the following statements relate to financial accounting versus managerial accounting. 1. Must adhere...
Indicate which of the following statements relate to financial accounting versus managerial accounting. 1. Must adhere to generally accepted accounting principles. 2. Primary users are external. 3. Past results and projected future results. 4. Reports prepared after the end of an accounting period. 5. Statements contained in annual reports. 6. Reports benefit internal users. 7. Reports come in a variety of formats, designed for the decision maker. 8. Information not disseminated to the general public. 9. Communicates information about the...
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...
Which of the following is not a characteristic of useful managerial accounting reports? Oa. GAAP-adhering Ob...
Which of the following is not a characteristic of useful managerial accounting reports? Oa. GAAP-adhering Ob accurate Oc. prepared as needed Od. historical and estimated data
Which of the following statements is correct? Multiple Choice An accounting system is suitable for a...
Which of the following statements is correct? Multiple Choice An accounting system is suitable for a firm as long as the system complies with GAAP. When accounting information is used for internal purposes, a company is not required to comply with specific external accounting standards. Managerial accounting information should be as accurate as the technology allows. Financial and managerial accounting are identical, only the users are different.
Choose the answer that is not a distinguishing characteristic of financial accounting information. Multiple Choice It...
Choose the answer that is not a distinguishing characteristic of financial accounting information. Multiple Choice It is global information that reflects the performance of the whole company. It is more highly regulated than managerial accounting information. It is more concerned with financial data than physical or economic data. It is focused primarily on the future.
When comparing financial and managerial accounting, which of the following apply to managerial accounting? Check all...
When comparing financial and managerial accounting, which of the following apply to managerial accounting? Check all that apply. 0 Information reported for whole company 0 Emphasizes the future Objective and reliable O Reports at the decision making level Mandatory for external reports 0 Reports are prepared as needed Do you know the answer? Read about this I know it Think so Unsure Unsure No idea
AUT CISCO 1. Determine if each description relates to financial or managerial accounting a. Reports are...
AUT CISCO 1. Determine if each description relates to financial or managerial accounting a. Reports are prepared according to inquiries made of management. b. Reports focus on the company as a whole. c. Management uses the report, along with parties outside of the company. 2. A company is looking to increase its gross profit by reducing costs for the upcoming periods. To further investigate, the production manager pulls reports that detail costs in the previous year. After discussions with the...
Managerial accounting is primarily focused on Select one: O A. following generally accepted accounting principles. B....
Managerial accounting is primarily focused onSelect one:A. following generally accepted accounting principles.B. providing internal special-purpose information and reports.C. providing information for internal and external users.D. providing general purpose financial statements.Which of the following phrases is most descriptive of financial accounting?Select one:A. Subject to cost-benefit analysisB. Future-orientedC. Follows GAAPD. May measure time or customer satisfactionWhich of the following phrases is primarily relevant to managerial accounting as opposed to financial accounting?Select one:A. Helping managers make decisionsB. Summarizing information about past eventsC. Calculating...
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
Question 4 (2 points)E hich of the following is true of managerial accounting? The primary users of managerial accounting reports are external users Managerial accounting reports are internat reports issued as frequently as the need arises . The purpose of managerial accounting reports is to provide general purpose financial information for all users. Managerial accounting reports must be prepared according to GAAP Save Question 5 12 points B Which of the following is true of managerial accounting? The primary users...
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...
Which of the following is not a characteristic of useful managerial accounting reports? Oa. GAAP-adhering Ob accurate Oc. prepared as needed Od. historical and estimated data
Choose the answer that is not a distinguishing characteristic of financial accounting information. Multiple Choice It is global information that reflects the performance of the whole company. It is more highly regulated than managerial accounting information. It is more concerned with financial data than physical or economic data. It is focused primarily on the future.
When comparing financial and managerial accounting, which of the following apply to managerial accounting? Check all that apply. 0 Information reported for whole company 0 Emphasizes the future Objective and reliable O Reports at the decision making level Mandatory for external reports 0 Reports are prepared as needed Do you know the answer? Read about this I know it Think so Unsure Unsure No idea
AUT CISCO 1. Determine if each description relates to financial or managerial accounting a. Reports are prepared according to inquiries made of management. b. Reports focus on the company as a whole. c. Management uses the report, along with parties outside of the company. 2. A company is looking to increase its gross profit by reducing costs for the upcoming periods. To further investigate, the production manager pulls reports that detail costs in the previous year. After discussions with the...
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