Absorption costing is NOT required for financial accounting purposes but is required for managerial reporting purposes. True False
Absorption costing is NOT required for financial accounting purposes but is required for managerial reporting purposes....
Accounting for both income tax and financial reporting purposes is governed by U.S. GAAP. Group of answer choices True False
(9 You can use Variable Costing in financial statement preparation under GAAP for external reporting purposes. True False
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...
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...
QUESTION 22 Which of the following statements is true regarding absorption costing (AC), variable costing (VC), and generally accepted accounting principles? A only VC is acceptable for external reporting purposes Beither AC or VC are acceptable for external reporting purposes c.nother AC nor VC are acceptable for external reporting purposes D. only AC is acceptable for external reporting purposes
Investors primarily use managerial accounting information for decision-making purposes. True False
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...
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility. Financial reporting is restricted by Generally Accepted Accounting Principles whereas reporting in Managerial Accounting has fewer rules. a) Why is it permissible to violate Generally Accepted Accounting Principles when preparing reports used strictly by company management? b) Should external users always have the same information as internal users? Explain. 2. The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB)...
How is managerial decision making affected by financial accounting reporting? Give your opinion
How does product costing used in financial accounting differ from product costing used in managerial accounting?