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3. Managerial accounting information: 4 A. Is used mainly by external users. B. Can be used...
28) Comet Company accumulated the following account infomation for the year: 28) Beginning raw materials inventory6,000...
28) Comet Company accumulated the following account infomation for the year: 28) Beginning raw materials inventory6,000 Indirect materials cost Indirect labor cost Maitenance of factory equipmen 2,000 5,000 2,800 Direct labor cost Using the above information, total factory overhead costs would be: D) S15,800 A) $ 16,800. B) $13,000. C) $9.800 E) $7,800. 29) Managerial accounting information 29) A) Can be used for control purposes but not for planning purposes. B) Is used mainly by external users. C) Is generally...
Which of the following is the primary focus of financial accounting?
Which of the following is the primary focus of financial accounting?A) providing summarized information on operational results to investors and creditorsB) providing highly detailed information on product lines, regions, and divisionsC) providing information to managers to assist in planning, directing and controlling operationsD) providing information that managers need to make operational decisionsWhich of the following statements is true of managerial accounting?A) Managerial accounting information must comply with Generally Accepted Accounting Principles.B) The external stakeholders of a company are the primary...
In the context of managerial accounting, relevant information is information that will make a difference in...
In the context of managerial accounting, relevant information is information that will make a difference in the decision. is information that has been provided by the controller. must be provided in quantitative terms. must be reviewed by the chief financial officer before being provided to managers. Good managerial accounting information helps creditors decide on good credit risks. managers to do their jobs. stockholders make informed investment decisions. creditors assess liquidity. Which of the following is a characteristic of managerial accounting...
Which one of the following statement(s) are true? A. Financial accounting is geared toward outside users...
Which one of the following statement(s) are true? A. Financial accounting is geared toward outside users of information who are concerned w planning, control and how daily business decisions are made by the company. B. Management accounting is geared toward internal users who are responsible for making daily business decisions while financial accounting is geared toward outside users and must conform to Generally Accepted Accounting Principles (GAAP) rules when preparing general purpose financial statements such as the balance sheet and...
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...
Question 4 (2 points)E hich of the following is true of managerial accounting? The primary users...
Question 4 (2 points)E hich of the following is true of managerial accounting? The primary users of managerial accounting reports are external users Managerial accounting reports are internat reports issued as frequently as the need arises . The purpose of managerial accounting reports is to provide general purpose financial information for all users. Managerial accounting reports must be prepared according to GAAP Save Question 5 12 points B Which of the following is true of managerial accounting? The primary users...
Chapter 18 Introduction to Managerial Accounting Directed Reading Guide Why is managerial accounting important? Identify as...
Chapter 18 Introduction to Managerial Accounting Directed Reading Guide Why is managerial accounting important? Identify as a focus of Managerial (M) or Financial (F) accounting: Primarily for internal users ______ Primarily for external users ______ Follows GAAP rules ______ Summary reports of the entire company ______ Concerned about how reports will affect employee behavior ______ Managers need information for? How are costs classified? Manufacturing (product) costs categories are: materials labor overhead __________________ combines direct materials and direct labor. __________________ combines...
Users of accounting information can be divided broadly into two types: internal users and external users....
Users of accounting information can be divided broadly into two
types: internal users and external users. Complete the table below
for each type of user, indicating how they use information and
whether they are an internal or external user.
User
Use of
Information
Internal/External
User
1.
Shareholder
2.
Chief Financial Officer
3.
Employee
4.
Bank
5.
Canada Revenue Agency (CRA)
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
Provide information regarding users of managerial accounting and financial accounting. Discuss how each user can utilize...
Provide information regarding users of managerial accounting and financial accounting. Discuss how each user can utilize this information. Explain if you feel there are advantages or disadvantages of utilizing the different areas of accounting. Explain how learning about the different areas of accounting have enlightened your perception of pursuing employment in the accounting field.
28) Comet Company accumulated the following account infomation for the year: 28) Beginning raw materials inventory6,000 Indirect materials cost Indirect labor cost Maitenance of factory equipmen 2,000 5,000 2,800 Direct labor cost Using the above information, total factory overhead costs would be: D) S15,800 A) $ 16,800. B) $13,000. C) $9.800 E) $7,800. 29) Managerial accounting information 29) A) Can be used for control purposes but not for planning purposes. B) Is used mainly by external users. C) Is generally...
Question 4 (2 points)E hich of the following is true of managerial accounting? The primary users of managerial accounting reports are external users Managerial accounting reports are internat reports issued as frequently as the need arises . The purpose of managerial accounting reports is to provide general purpose financial information for all users. Managerial accounting reports must be prepared according to GAAP Save Question 5 12 points B Which of the following is true of managerial accounting? The primary users...
Users of accounting information can be divided broadly into two
types: internal users and external users. Complete the table below
for each type of user, indicating how they use information and
whether they are an internal or external user.
User
Use of
Information
Internal/External
User
1.
Shareholder
2.
Chief Financial Officer
3.
Employee
4.
Bank
5.
Canada Revenue Agency (CRA)
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