Homework Answers
Correct answer--------------information is based on estimates and is bounded by relevance and timeliness.
.
The information of financial management is characterized by reliability and and objectivity and is prepared annually.
Management accounting on the other hand is done internally to make day to day as well as long term production decisions. Managerial accounting is based on estimates and not on historical data. Historical data maybe used for estimates .
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Which of the following best represents a characteristic of managerial accounting? Multiple Choice Information is based...
Indicate whether each of the following items is representative of managerial or of financial accounting: Information...
Indicate whether each of the following items is representative of managerial or of financial accounting: Information is factual and is characterized by objectivity, reliability, consistency, and accuracy. Information is reported continuously and has a current or future orientation. Information is provided to outsiders, including investors, creditors, government agencies, analysts, and reporters. Information is regulated by the SEC, FASB, and other sources of GAAP. Information is based on estimates that are bounded by relevance and timeliness. Information is historically based and...
All of the following are features of managerial accounting except Multiple Choice information is characterized by...
All of the following are features of managerial accounting except Multiple Choice information is characterized by objectivity, reliability, consistency, and accuracy. information is reported continuously with a present or future orientation information includes economic and non-financial data as well as financial data. information is provided primarily to insiders such as managers
Which of the following best describes the function of managerial accounting within an organization? Multiple Choice...
Which of the following best describes the function of managerial accounting within an organization? Multiple Choice It has its primary emphasis on the future. It places more emphasis on precision of data than financial accounting does. It focuses on the organization as a whole, rather than on the organization's segments. It is required by regulatory bodies such as the Ontario Securities Commission.
Which of the following best describes the function of managerial accounting within an organization? Multiple Choice...
Which of the following best describes the function of managerial accounting within an organization? Multiple Choice It is required by regulatory bodies such as the Ontario Securities Commission It has its primary emphasis on the future, It focuses on the organization as a whole, rather than on the organization's segments. It places more emphasis on precision of data than financial accounting does.
Choose the answer that is not a distinguishing characteristic of financial accounting information. Multiple Choice It...
Choose the answer that is not a distinguishing characteristic of financial accounting information. Multiple Choice It is global information that reflects the performance of the whole company. It is more highly regulated than managerial accounting information. It is more concerned with financial data than physical or economic data. It is focused primarily on the future.
Which of the following is false regarding managerial accounting information? Multiple Choice It is often used...
Which of the following is false regarding managerial accounting information? Multiple Choice It is often used by investors. It is more detailed than financial accounting information. It can include nonfinancial information. It focuses on divisional rather than overall profitability.
According to Statement of Financial Accounting Concepts No. 8, which of the following is not considered...
According to Statement of Financial Accounting Concepts No. 8, which of the following is not considered a qualitative characteristic of accounting? Respectability Relevance Timeliness Reliability
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? 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 o The Chief Financial Officer is responsible for managing financial risk within an organization, and both the Treasurer and the Controller typically report up to the CFO. Managerial accounting is focused on reporting the results of segments within...
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...
All of the following are features of managerial accounting except Multiple Choice information is characterized by objectivity, reliability, consistency, and accuracy. information is reported continuously with a present or future orientation information includes economic and non-financial data as well as financial data. information is provided primarily to insiders such as managers
Which of the following best describes the function of managerial accounting within an organization? Multiple Choice It has its primary emphasis on the future. It places more emphasis on precision of data than financial accounting does. It focuses on the organization as a whole, rather than on the organization's segments. It is required by regulatory bodies such as the Ontario Securities Commission.
Which of the following best describes the function of managerial accounting within an organization? Multiple Choice It is required by regulatory bodies such as the Ontario Securities Commission It has its primary emphasis on the future, It focuses on the organization as a whole, rather than on the organization's segments. It places more emphasis on precision of data than financial accounting does.
Choose the answer that is not a distinguishing characteristic of financial accounting information. Multiple Choice It is global information that reflects the performance of the whole company. It is more highly regulated than managerial accounting information. It is more concerned with financial data than physical or economic data. It is focused primarily on the future.
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 o The Chief Financial Officer is responsible for managing financial risk within an organization, and both the Treasurer and the Controller typically report up to the CFO. Managerial accounting is focused on reporting the results of segments within...
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...
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