Homework Answers
Ans - Emphasizes relevance (Option 1st)
It is Financial accounting whose characteristics include:
- Must follow GAAP (cannot be Option 2nd)
- Emphasizes precision (cannot be Option 3rd)
- Emphasized financial consequences of past activities (cannot
be option 4th)
(If there are any questions, kindly let me know ion comments. If the solution is to your satisfaction, a thumbs up would be appreciated. Thank You)
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Include specific examples of threats for all three areas and
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Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility....
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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...
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...
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Help Save & Exit gnment 1 (Ch 1)-Introduction Check n :Financial accounting O Managerial accounting li. Preparing an analysis of the profitability of each of the company's three major product lines for the past three months. The analysis will be used to make decisions related to resource allocation, potential changes in marketing strategy, and produ O Financial accounting O Managerial accounting ii. Preparing a detailed schedule of accounts receivable balances that are more than 120 days past due to determine...
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