Homework Answers
Financial accounting is done for the preparation of financial statement and management accounting deals with the preparation of budgets and forecasts.
Therefore, option 1 is not a correct statement.
Option 1 is the correct answer.
Add Answer to:
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? 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...
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...
A manager at Starbucks is comparing this month's sales of frapper's against the budget to determine...
A manager at Starbucks is comparing this month's sales of frapper's against the budget to determine why fewer drinks were sold the planned. This is an example of the management function of Controlling Decision-making Planning O Evaluating O 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...
37 Organizational Structure. The following list of personnel within organizations comes from Figure 1.1 1. Board...
37 Organizational Structure. The following list of personnel within organizations comes from Figure 1.1 1. Board of directors 2. Chief financial officer 3. Controller 4. Managerial accountant 5. Financial accountant 6. Tax accountant 7. Treasurer 8. Internal auditor Required: Match each previous item with the most accurate description as follows. a. Assists in preparing information used for decision making within the organization b. Assists in preparing tax reports for governmental agencies, including the Internal Revenue Service c Responsible for confirming...
1. Managerial accounting focuses on providing historical financial information to outside users including shareholders and creditors.
1. Managerial accounting focuses on providing historical financial information to outside users including shareholders and creditors.2. Managerial accounting information must follow U.S. Generally Accepted Accounting Principles (CA AP)3. The control function is implemented to assess an organization's plan and may lead to recommendations for the future.4. The treasurer is typically in charge of all finance and accounting functions within an organization.5. The Institute of Management Accountants (IMA) provides formal guidance to help in choosing ethically acceptable courses of action
-- - - - The Company's management is responsible for establishing and maintaining adequate internal control...
-- - - - The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is a process designed under the supervision of its Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external reporting in accordance with accounting principles generally accepted in the United States of America. Management evaluates the effectiveness...
wie system. partially completed units in Partially completed unit Inventory 13 Match each of the following...
wie system. partially completed units in Partially completed unit Inventory 13 Match each of the following personnel with the description that best organizations. (16 Points) the description that best represents their role within most a. Responsible for all finance and accountine functions within the organiza reports to the chicf executive officer. b. Elected by the shareholders of the company. ASSISES in preparing financial information, usually in accordance with GAAP. for the the company d. Responsible for confirming that controls within...
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...
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.
Identifying Where Items are Disclosed in Form 10-K The following excerpts 1 through 7 are from...
Identifying Where Items are Disclosed in Form 10-K The following excerpts 1 through 7 are from financial statements and accompanying notes on Form 10-K. Indicate which section a through g(listed below) that the excerpt is reported. Excerpt from Financial Statements and Accompanying Notes on Form 10-K 1. Statement from the CEO (chief executive officer) and CFO (chief financial officer) that they have evaluated controls over financial reporting. 2. Additional financial reporting information communicated to financial statement users as required by...
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...
A manager at Starbucks is comparing this month's sales of frapper's against the budget to determine why fewer drinks were sold the planned. This is an example of the management function of Controlling Decision-making Planning O Evaluating O 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...
37 Organizational Structure. The following list of personnel within organizations comes from Figure 1.1 1. Board of directors 2. Chief financial officer 3. Controller 4. Managerial accountant 5. Financial accountant 6. Tax accountant 7. Treasurer 8. Internal auditor Required: Match each previous item with the most accurate description as follows. a. Assists in preparing information used for decision making within the organization b. Assists in preparing tax reports for governmental agencies, including the Internal Revenue Service c Responsible for confirming...
-- - - - The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is a process designed under the supervision of its Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external reporting in accordance with accounting principles generally accepted in the United States of America. Management evaluates the effectiveness...
wie system. partially completed units in Partially completed unit Inventory 13 Match each of the following personnel with the description that best organizations. (16 Points) the description that best represents their role within most a. Responsible for all finance and accountine functions within the organiza reports to the chicf executive officer. b. Elected by the shareholders of the company. ASSISES in preparing financial information, usually in accordance with GAAP. for the the company d. Responsible for confirming that controls within...
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...
Identifying Where Items are Disclosed in Form 10-K The following excerpts 1 through 7 are from financial statements and accompanying notes on Form 10-K. Indicate which section a through g(listed below) that the excerpt is reported. Excerpt from Financial Statements and Accompanying Notes on Form 10-K 1. Statement from the CEO (chief executive officer) and CFO (chief financial officer) that they have evaluated controls over financial reporting. 2. Additional financial reporting information communicated to financial statement users as required by...
Most questions answered within 3 hours.
-
The differences between the two sets of dependent data are -1,
2,-,2, 2. Round to the...
asked 10 minutes ago -
A χ2-curve, looking at the relationship between age and hours
spent working at an office per...
asked 42 minutes ago -
The pH of a sample of water from a river is 5.0. A
sample of effluent from...
asked 1 hour ago -
At the beginning of the period, the Fabricating Department
budgeted direct labor of $136,500 and equipment...
asked 1 hour ago -
Please answer all
____ 28. Rent control is usually
justified on the grounds that it protects...
asked 1 hour ago -
PARTS A-D HAVE BEEN ANSWERED. WAS TOLD TO REPOST. ONLY ANSWER
PARTS E and F.
A...
asked 2 hours ago -
2) You are given the task of finding a representation for a
circle in a drawing...
asked 3 hours ago -
STUDY QUESTION: Does use of diet drug fen-phen
(fenfluramine-phentermine) cause valvular heart disease?
HINT: Valvular heart...
asked 3 hours ago -
1. An object weighing 40 N rests on a surface. The coefficient
of friction is 0.35....
asked 4 hours ago -
Investor company owns 35% of investee company voting stock and
accounts for the investment under the...
asked 5 hours ago -
The number of major faults on a randomly chosen 1 km stretch of
highway has a...
asked 5 hours ago -
Consider the competitive environment of Starbuck's, Progressive
Insurance, a manufacturing firm with low turnover, or a...
asked 6 hours ago