Choose the answer that is not a distinguishing characteristic of financial accounting information.Multiple ChoiceOIt is more highly regulated than managerial accounting information.It is focused primarily on the future.It is more concerned with financial data than physical or economic data.It is global information that reflects the performance of the whole company.

Financial statement reflects the financial position and performance of the business entity by…

Answered: Choose the answer that is not a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Which of the following is not an internal user? a. Creditor b. Department manager c. Controller d. Treasurer 2. Internal reports are generally a. aggregated. b. detailed. c. regulated. d. unreliable. 3. The reporting standard for external financialreports isa. industry-specific.b. company-specific.c. generally accepted accounting principles.d. department-specific. 4. A distinguishing feature of managerial accountingisa. external users.b. general-purpose reports.c. very detailed reports.d. quarterly and annual reports. 5. The job cost sheet does not showa. costs chargeable to a specific job.b. the total costs of a completed job.c. the unit cost of a completed job.d. the cost of goods sold. 6. Which one of the following best describes a jobcost sheet? a. It is a form used to record the costs chargeableto a specific job and to determine the total and unit costs of the completedjob.b. It is used to track manufacturing overhead coststo specific jobs.c. It is used by management to…
Following are aspects of accounting information. Classify each as pertaining more to financial accounting or to managerial accounting. 1. Primary users are external 5. Controlled by GAAP 2. Includes more nonmonetary information 6. Used in managers’ planning decisions 3. Focuses more on the future 7. Focuses on the whole organization 4. Uses many estimates and projections 8. Not constrained by GAAP
Statement 1: Managerial accountants are in the best position to aid managers in making business decisions by gathering data inputs from various sources, designing the management information system that obtain inputs and generate information in the form of management reports and assist managers to interpret the information reflected in these reports. Statement 2: Controllers are often involved in preparing financial statements, defining cash collection procedures, establishing credit policy, internal audit, economic appraisal and supervising the company’s financial planning process. Both statements are true. Only Statement 1 is true. Only Statement 2 is true. Both statements are false.
Examining the quality of accounting information is one of the key aspects of financial analysis.Required:a) Critically discuss procedures that can be used to assess the degree of accounting quality (define accounting quality as part of your answer).b) Discuss FIVE organisational circumstances that motivate manager to manipulate financial performance.
Managerial accounting focuses on historical information while financial accounting focuses on the future and making projections. TRUE FALSE
Write an essay covering the following points; 1)Characteristics of management accounting 2)The role of management accountant in the company 3)How can management accounting benefit to the company?
PART 2: MULTIPLE CHOICE QUESTIONS (QUALITATIVE QUESTIONS) • Please choose the correct one. 1. Managerial accounting reports can be described as a. general-purpose. b. macro-reports. C. special purpose. d. classified financial statements.
There are several different areas of accounting. What type of accounting focuses on providing information to management so they can make better strategic decisions? Multiple Choice Internal Auditing Managerial Accounting Tax Accounting Financial Accounting External Auditing

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