Homework Answers
Managerial accounting only:
* Assists internally with operations
* Help managers make better decisions
* Reports are tailored to specific needs
Financial accounting only:
* Available to organization outsiders
* Shows financial performance to company stakeholders
* Follow GAAP Standards in US
Shared(both) :
* Show relevant and timely information
____×____
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Organize the list below into items that belong to managerial accounting, financial accounting, and those that...
Indicate whether each of the following items is representative of managerial or of financial accounting: Information...
Indicate whether each of the following items is representative of managerial or of financial accounting: Information is factual and is characterized by objectivity, reliability, consistency, and accuracy. Information is reported continuously and has a current or future orientation. Information is provided to outsiders, including investors, creditors, government agencies, analysts, and reporters. Information is regulated by the SEC, FASB, and other sources of GAAP. Information is based on estimates that are bounded by relevance and timeliness. Information is historically based and...
Richard Larkin has prepared the following list of statements about managerial accounting and financial accounting.
Exercise 19-1Richard Larkin has prepared the following list of statements about managerial accounting and financial accounting. Identify each statement as true or false.1. Financial accounting focuses on providing information to internal users.2. Analyzing cost-volume-profit relationships is part of managerial accounting.3. Preparation of budgets is part of financial accounting.4. Managerial accounting applies only to merchandising and manufacturing companies.5. Both managerial accounting and financial accounting deal with many of the same economic events.6. Managerial accounting reports are prepared only quarterly and annually.7....
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...
Write C (Cost/Managerial), F (Financial), or T (Tax) next to each of the following statements. The...
Write C (Cost/Managerial), F (Financial), or T (Tax) next to each of the following statements. The purpose of this information is to calculate taxable income. This information must follow Generally Accepted Accounting Principles. Types of information generated from this type of accounting are financial statements that were subject to audit. This information is not subject to rules and regulations on report type, format, etc. Types of information generated by this type of accounting are budgets, cost analysis, and department reports....
As mentioned in Exhibit P-1 of our textbook, managerial accounting helps managers perform three vital activities...
As mentioned in Exhibit P-1 of our textbook, managerial
accounting helps managers perform three vital activities -
planning, controlling, and decision making. Write a brief 2-3 page
paper about your employer or a favorite business you personally
visit or are a patron (Starbucks, Netflix, Planet Fitness, etc.)
and discuss the risks they face in their industry that can
influence their planning, controlling, and decision-making
activities.
Include specific examples of threats for all three areas and
make suggestions for how they...
QUESTIONS 1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and...
QUESTIONS 1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of general-purpose finan- cial statements"? 8. In what way is...
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...
ER SS 11. All of the following are examples of managerial accounting information excepr: a budget...
ER SS 11. All of the following are examples of managerial accounting information excepr: a budget versus actual reports. b. monthly income statement for each store, c. monthly analysis of product profitability. d. annual balance sheet prepared in accordance with U.S. GAAP. e. None of the above. NOT A 12. When comparing the characteristics of financial and managerial accounting, which of the following is a focus of managerial accounting? a. Making future projections for geographic segments of a company. b....
True or False Answer True or False. I already included it above, you did not have a careful...
True or False
Answer True or False. I already included it above, you did not have
a careful look.
6. The starting point for managerial decisions is monitoring actual operations 7. Desirable employee behaviour can be motivated by trying employee performance evaluation and pay to long term or short term results 8. Organisational information systems only collect accounting information 9. Cost accounting information is used for both management accounting and financial accounting activities 10. Management accounting is the process of...
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....
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...
Write C (Cost/Managerial), F (Financial), or T (Tax) next to each of the following statements. The purpose of this information is to calculate taxable income. This information must follow Generally Accepted Accounting Principles. Types of information generated from this type of accounting are financial statements that were subject to audit. This information is not subject to rules and regulations on report type, format, etc. Types of information generated by this type of accounting are budgets, cost analysis, and department reports....
As mentioned in Exhibit P-1 of our textbook, managerial
accounting helps managers perform three vital activities -
planning, controlling, and decision making. Write a brief 2-3 page
paper about your employer or a favorite business you personally
visit or are a patron (Starbucks, Netflix, Planet Fitness, etc.)
and discuss the risks they face in their industry that can
influence their planning, controlling, and decision-making
activities.
Include specific examples of threats for all three areas and
make suggestions for how they...
QUESTIONS 1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of general-purpose finan- cial statements"? 8. In what way is...
ER SS 11. All of the following are examples of managerial accounting information excepr: a budget versus actual reports. b. monthly income statement for each store, c. monthly analysis of product profitability. d. annual balance sheet prepared in accordance with U.S. GAAP. e. None of the above. NOT A 12. When comparing the characteristics of financial and managerial accounting, which of the following is a focus of managerial accounting? a. Making future projections for geographic segments of a company. b....
True or False
Answer True or False. I already included it above, you did not have
a careful look.
6. The starting point for managerial decisions is monitoring actual operations 7. Desirable employee behaviour can be motivated by trying employee performance evaluation and pay to long term or short term results 8. Organisational information systems only collect accounting information 9. Cost accounting information is used for both management accounting and financial accounting activities 10. Management accounting is the process of...
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