Homework Answers
Correct Answer : D. do not need to follow GAAP but must meet the cost - benefit test.
Reason : Management accounting and reporting is done for internal purposes and it need not to follow the GAAP but it should meet the cost benefit test
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Rules for measurement and reporting for management accounting O A. must follow GAAP, IRS rules or...
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility....
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)...
"Management accounting deals only with costs. Do you agree? Explain. O A. Yes Management accounting only...
"Management accounting deals only with costs. Do you agree? Explain. O A. Yes Management accounting only measures, analyzes and reports financial and nonfinancial information relating to the costs of acquiring or using in an organization OB. No Management accounting only analyzes the manufacturing of products for customers in order to assess product and customer profitability O C. No Management accounting does not use cost information, it only records financial activities of the company in accordance with GAAP OD. No. Management...
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility....
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)...
The implementation of a cost accounting system in an organization would be considerable. Determine what benefit...
The implementation of a cost accounting system in an organization would be considerable. Determine what benefit in providing accounting information which will be useful for management purposes, and which will be instrumental in creating a more profitable and healthy company in the longer term. Briefly describe the major differences between management accounting and financial accounting for the following: Is financial accounting or management accounting more useful to an operations manager? Why? Primary users Focus and emphasis Rules of measurement and...
1.for-profit, governmental, and not-for-profit. "identifying, recording, and reporting" are the accounting activities? 2. Under the example...
1.for-profit, governmental, and not-for-profit. "identifying, recording, and reporting" are the accounting activities? 2. Under the example exercises when filling in the missing calculations how do I find the missing “expense” column and the “losses” column? 3. What are the deferrals? and how do they have an effect on the balance sheet? 4.GAAP is a common set of rules, standards, and procedures that publicly traded companies must follow when composing their financial statements but what does it have to do with...
1) IFRS standards: A. Are established by the Financial Accounting Standard Board (FASB) B....
1) IFRS standards: A. Are established by the Financial Accounting Standard Board (FASB) B. Are established by the International Accounting Standard Board (IASB) D. Are established by the Securities and Exchange Commission (SEC) C. Are enforced by the International Accounting Standard Board (IASB) 2) What are the main reasons why US GAAP and IFRS differ? D. Cultural differences have no effect on developing multiple different standards in the world including IFRS and US GAAP ...
ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated...
ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated by the International Financial Reporting Interpretation Committee (IFRIC). b. currently issued and administrated by the Financial Accounting Standards Board (FASB), an independent standard-setting board based in US. c. currently issued and administrated by the International Federation of Accountants (IFAC). d. currently issued and administrated by the International Accounting Standards Board (IASB), an independent standard-setting board based in London. 2. Which ONE of the following...
need all the answers just answers 11. During our first class, we discussed the accounting for...
need all the answers just answers
11. During our first class, we discussed the accounting for "Bottles off Premises" and "Deposits on Bottles off Premises" on the Balance Sheet of a Coca-Cola bottling company. The purpose of this discussion was to illustrate that GAAP represents: a. Complying with established written standards. b. When there are no established written standards, find out what everyone else is doing C. Both a and b above. d. When there are no established written GAAP...
Which of the follow statements regarding the primary objective of financial reporting is correct
Which of the follow statements regarding the primary objective of financial reporting is correct? A. To be useful information must follow the Generally Accepted Accounting Principles which are created and governed by the Securities and Exchange Commission B. Information that is faithfully represented is complete, neutral, and free from error C. Relevant information ensures that users of the information will make the correct decisions D. The primary objective of financial reporting is to provide information useful for the acquisition of long-term assets. Adventures Unlimited Company...
The Case The FASB has been working on a conceptual framework for financial accounting and reporting...
The Case The FASB has been working on a conceptual framework for financial accounting and reporting and has issued several statements of financial accounting concepts. These SFACs are intended to set forth objectives and fundamentals that will be the basis for developing financial accounting and reporting standards. The objectives identify the goals and purpose of financial reporting. The fundamentals are the underlying concepts of financial accounting – concepts guide the selection of transactions, events, and circumstances to be accounted for;...
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)...
"Management accounting deals only with costs. Do you agree? Explain. O A. Yes Management accounting only measures, analyzes and reports financial and nonfinancial information relating to the costs of acquiring or using in an organization OB. No Management accounting only analyzes the manufacturing of products for customers in order to assess product and customer profitability O C. No Management accounting does not use cost information, it only records financial activities of the company in accordance with GAAP OD. No. Management...
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)...
need all the answers just answers
11. During our first class, we discussed the accounting for "Bottles off Premises" and "Deposits on Bottles off Premises" on the Balance Sheet of a Coca-Cola bottling company. The purpose of this discussion was to illustrate that GAAP represents: a. Complying with established written standards. b. When there are no established written standards, find out what everyone else is doing C. Both a and b above. d. When there are no established written GAAP...
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