Which of the following statements represents a similarity between financial and managerial accounting? Both are useful...
Which of the following statements represents a similarity between financial and managerial accounting?
- Both are useful in providing information for external users.
- Both are governed by GAAP.
- Both draw upon data from an organization's accounting system.
- Both rely heavily on published financial statements.
- Both are solely concerned with historical transactions.
Homework Answers
Both draw upon data from an organisation's accounting system.
There are many similarities between managerial accounting information and financial accounting information because they both draw upon data from an organisation's basics accounting system .This is the system of procedures, personnel, and computers used to accumulate and store financial data in the organization.One part of the overall accounting system is the cost accounting system, which accumulate cost data for use in both managerial and financial accounting.
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Which of the following statements represents a similarity between financial and managerial accounting?
Both are useful...
Indicate whether the following statements describe financial accounting or managerial accounting.
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Which of the following statements is true of managerialaccounting? a.Managerial accounting is the provision of...
Which of the following statements is true of managerial accounting? a.Managerial accounting is the provision of accounting information for a company's external users. b.Managerial accounting attempts to provide information for controlling the organization's actions. c.Managerial accounting provides historical information. d.Managerial accounting is subject to rules for external financial reporting.
Which of the following statements about managerial accounting is false? Financial accounting is based on reliable,...
Which of the following statements about managerial accounting is false? Financial accounting is based on reliable, historical information, while managerial accounting is based on relevant, forward-looking information. The Chief Operating Officer is responsible for managing financial risk within an organization, and both the Treasurer and the Controller typically report up to the COO. Managerial accounting is focused on reporting the results of segments within a business, while financial reporting is focused on reporting the results of the consolidated company as...
Please indicate whether the following statements are true or false by circling a T or an...
Please indicate whether the following statements are true or false by circling a T or an F 1. Direct and indirect materials may both come from the same source 0 0 2. Factory overhead includes the cost of selling and advertising the product | 0 3. Fixed costs remain constant in total, the average fixed costs becomes progressively smaller as the level of activity increases 0 0 4. Work in process represent goods that have some or all raw materials,...
Which of the following statements about managerial accounting is false? Financial accounting is based on reliable,...
Which of the following statements about managerial accounting is false? Financial accounting is based on reliable, historical information, while managerial accounting is based on relevant, forward-looking information O External auditors are used to verify the reliability of financial information to the investing public Managerial accounting is focused on reporting the results of segments within a business, while financial reporting is focused on reporting the results of the O consolidated company as a whole. The Chief Operating Officer is responsible for...
Which of the following statements about managerial accounting is false? Managerial accounting is based on reliable,...
Which of the following statements about managerial accounting is false? Managerial accounting is based on reliable, historical information, while financial accounting is based on relevant, forward-looking information External auditors are used to verify the reliability of financial information to the investing public o The Chief Financial Officer is responsible for managing financial risk within an organization, and both the Treasurer and the Controller typically report up to the CFO. Managerial accounting is focused on reporting the results of segments within...
Which of the following statements is correct? Multiple Choice An accounting system is suitable for a...
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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
Which of the following is the primary focus of financial accounting?
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Both financial and managerial accounting rely on the same underlying financial data but there are major...
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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...
Please indicate whether the following statements are true or false by circling a T or an F 1. Direct and indirect materials may both come from the same source 0 0 2. Factory overhead includes the cost of selling and advertising the product | 0 3. Fixed costs remain constant in total, the average fixed costs becomes progressively smaller as the level of activity increases 0 0 4. Work in process represent goods that have some or all raw materials,...
Which of the following statements about managerial accounting is false? Financial accounting is based on reliable, historical information, while managerial accounting is based on relevant, forward-looking information O External auditors are used to verify the reliability of financial information to the investing public Managerial accounting is focused on reporting the results of segments within a business, while financial reporting is focused on reporting the results of the O consolidated company as a whole. The Chief Operating Officer is responsible for...
Which of the following statements about managerial accounting is false? Managerial accounting is based on reliable, historical information, while financial accounting is based on relevant, forward-looking information External auditors are used to verify the reliability of financial information to the investing public o The Chief Financial Officer is responsible for managing financial risk within an organization, and both the Treasurer and the Controller typically report up to the CFO. Managerial accounting is focused on reporting the results of segments within...
Both financial and managerial accounting rely on the same underlying financial data but there are major differences. Managerial Accounting: Multiple Choice emphasizes relevance. must follow GAAP. emphasizes precision. emphasizes financial consequences of past activities.
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