How is managerial decision making affected by financial accounting reporting? Give your opinion
How is managerial decision making affected by financial accounting reporting? Give your opinion
Homework Answers
The managerial decision making is not affected by financial accounting reporting. Financial accounting reporting is used for external reporting purpose to meet the requirements of various stakeholders like investors, bankers, tax authorities, etc. But managerial decision making is internal based for day to day operations of the organisation. Hence another branch of accounting that is management accounting is used for various managerial decision making purpose. The information provided by financial accounting doers not help in day to day decision making and hence has no impact. Some of the examples of various managerial decisions made on day to day basis are
· Launching new products and pricing policies
· Operating decisions like make vs. buy, acceptance of special order, sell or process further, continue or discontinue of products or divisions, etc
· Evaluation of various investment alternatives
· Estimating profitability at various levels of activities
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How is managerial decision making affected by financial
accounting reporting? Give your opinion
Provide an example in which managerial decision making has positively or negatively affected you? How did...
Provide an example in which managerial decision making has positively or negatively affected you? How did the personal decision-making styles used by managers apply to the situation? What is your take away from the example you provided after your reading about managerial decision making in this topic? Please I need an indept and authentic answer. Thanks
Explain how managerial accounting helps managers in key areas of planning, controlling, and decision making. Give...
Explain how managerial accounting helps managers in key areas of planning, controlling, and decision making. Give examples with details of each area and state why these are relevant and important to a company's success or failure
In managerial accounting, costs can be classified by behavior, traceability decision-making, external reporting , prime costs...
In managerial accounting, costs can be classified by behavior, traceability decision-making, external reporting , prime costs vs conversion costsand Function Wise Classification. Discuss all the above cost classifications and explain the importance of each classification (300 words)
The area of accounting aimed at serving the decision making needs of internal users is: a....
The area of accounting aimed at serving the decision making needs of internal users is: a. Financial accounting b. Managerial accounting C. SEC reporting d. External auditing
Understand the financial reporting environment. (Q1) List the 3 essential characteristics of FINANCIAL accounting & How...
Understand the financial reporting environment. (Q1) List the 3 essential characteristics of FINANCIAL accounting & How does it differ fromwith Managerial acct. (Q2) List the 4 financial statements typically provided: Q4. What is the objective of financial reporting? Q5 What does decision-usefulness mean in the context of financial reporting. Q6. Why do we need a common set of standards in financial accounting and reporting?
Managerial accounting differs from financial accounting in that financial accounting is
Managerial accounting differs from financial accounting in that financial accounting isa) More oriented toward the futureb) Primarily concerned with external financial reportingc) Related to nonquantitative informationd) Heavily involved with decision analysis and implementation of decisions
Financial and Managerial Accounting are the two most commonly taken accounting courses. Financial (ACCT 201) is...
Financial and Managerial Accounting are the two most commonly taken accounting courses. Financial (ACCT 201) is generally required as a prerequisite for Managerial (ACCT 202). Consider and respond to each of the following: 1. Compare and contrast Financial Accounting and Managerial Accounting 2. Discuss how Managerial Accounting is used for: planning, controlling, and decision making 3. What kinds of jobs/careers are related to Managerial Accounting?
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)...
I work as a operating room nurse. Provide an example in which managerial decision making has...
I work as a operating room nurse. Provide an example in which managerial decision making has positively or negatively affected you? How did the personal decision-making styles used by managers apply to the situation? What is your take away from the example you provided after your reading about managerial decision making in this topic?
If you compare a GAAP financial statement to a managerial accounting report, the managerial report is...
If you compare a GAAP financial statement to a managerial accounting report, the managerial report is more likely to: view the entire company as the reporting entity. focus on the operations of the last accounting period. focus on decision makers outside the company. present accounting details at the product level.
The area of accounting aimed at serving the decision making needs of internal users is: a. Financial accounting b. Managerial accounting C. SEC reporting d. External auditing
Financial and Managerial Accounting are the two most commonly taken accounting courses. Financial (ACCT 201) is generally required as a prerequisite for Managerial (ACCT 202). Consider and respond to each of the following: 1. Compare and contrast Financial Accounting and Managerial Accounting 2. Discuss how Managerial Accounting is used for: planning, controlling, and decision making 3. What kinds of jobs/careers are related to Managerial Accounting?
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)...
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