Why don’t all companies use the same MANAGERIAL accounting systems? The systems are required to provide government data once per year, and the operating cycles of companies are often based on different seasons. The systems must provide different sets of financial statements; some companies don’t provide outsiders with both an income statement and a balance sheet. The systems must serve the competitive needs of companies working to uniquely serve specific customers in specific markets. The systems are based on publicly available data which are posted in different databases for companies in different industries.
Why don’t all companies use the same MANAGERIAL accounting systems? The systems are required to provide government data once per year, and the operating cycles of companies are often based on different seasons. The systems must provide different sets of financial statements; some companies don’t provide outsiders with both an income statement and a balance sheet. The systems must serve the competitive needs of companies working to uniquely serve specific customers in specific markets. The systems are based on publicly available data which are posted in different databases for companies in different industries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Why don’t all companies use the same MANAGERIAL accounting systems?
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The systems are required to provide government data once per year, and the operating cycles of companies are often based on different seasons. The systems must provide different sets of financial statements; some companies don’t provide outsiders with both an income statement and a The systems must serve the competitive needs of companies working to uniquely serve specific customers in specific markets. The systems are based on publicly available data which are posted in different databases for companies in different industries. |
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✔The systems must serve the competitive needs of companies working to uniquely serve specific
The systems must provide different sets of financial statements; some companies don't provide
sheet.
Which of the following is a better description of MANAGERIAL accounting than it is of FINANCIAL accounting?
O Focuses on the preparation of the balance sheet, income statement, and statement of cash flow
O Emphasizes compliance with generally accepted accounting principles
O Compares planned and actual results
O Standardized across companies
Used primarily by investors and creditors.
Which of the following is more true of MANAGERIAL accounting systems than it is of FINANCIAL accounting syste
0
Have substantial competitive value.
Based on debits and credits.
O Use only historical information.
Primarily based on the statement of cash flows.
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