Classify the following activities as primarily managerlal accounting or financlal accounting: a Preparing a cash budget for the next quarter. b. Analyzing the profitability of a request from a potential customer. C Accumulating the transactions for the previous six months to prepare an income statement. d. Preparing a weekiy performance report for the branch manager. e Preparing an announcement to be released to the financial analysts.

Classify the following activities as primarily managerlal accounting or financlal accounting: a Preparing a cash budget for the next quarter. b. Analyzing the profitability of a request from a potential customer. C Accumulating the transactions for the previous six months to prepare an income statement. d. Preparing a weekiy performance report for the branch manager. e Preparing an announcement to be released to the financial analysts.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 1EB: Indicate whether the statement describes reporting by the financial accounting function or the...

See similar textbooks

Similar questions

Financial Accounting and Cost Management Classify each of the following actions as either being associated with the financial accounting information system (FS) or the cost management information system (CMS): a. Determining the total compensation of the CEO of a public company b. Issuing a quarterly earnings report c. Determining the unit product cost using TDABC d. Calculating the number of units that must be sold to break even e. Preparing a required report for the SEC f. Preparing a sales budget g. Using cost and revenue information to decide whether to keep, or drop, a product line h. Preparing an annual statement of financial position that conforms to generally accepted accounting principles (GAAP) i. Using cost and revenue information to decide whether to invest in a new production system or not j. Reducing costs by improving the overall quality of a product k. Using a debt-equity ratio and liquidity ratios from a balance sheet to assess the likelihood of bankruptcy l. Using a…
For the purpose of process analysis, which of the following measures would be considered an appropriate flow unit for analyzing the main operation of a local accountingfirm? Instructions: You may select more than one answer.a. Number of accountants working each weekb. Number of tax returns completed each weekc. Number of customers with past-due invoicesd. Number of reams of paper received from suppliers
For the following activitie, explain which of the objectives of managerial accounting activity is involved. In some cases, several objectives may be involved. Estimating the annual operating cost of a newly proposed Wells Fargo branch bank.
A managerial accounting report that presents predicted amounts of the company's assets, liabilities, and equity as of the end of the budget period is called a(n): Rolling balance sheet. Continuous balance sheet. Budgeted balance sheet. Cash balance sheet. Operating balance sheet.
4. State whether the following phrases match well with management accounting or financial accounting. a) Making investment decisions b) Preparing monthly cost budgets c) Complying with Fiji Revenue and Customs Service regulations d) Preparing financial statements e) Recruitment of employees
Indicate whether the items below are used as key performance indicators for the areas Average time from when clients enter and leave the bank *(A) Financial(B) Customer(C) Internal Process(D) Learning and Growth performance.
The financial accounting system is the primary source of information for: Multiple Choice planning the budget for next year. decision making on the factory floor. preparing the Income statement for shareholders. Improving the performance level of customer service.
Financial information for Lighthizer Trading Company for the fiscal year-ended September 30, 20xx, was collected. As part of a management training session, you have been asked to prepare an income statement format that will be used to distribute to management. Subtotals and totals are included in the information, but you will need to calculate the values. A. In the correct format, prepare the income statement using this information: B. Calculate the profit margin, return on investment, and residual income. Assume an investment base of $42,000 and 8% cost of capital. C. Prepare a short response to accompany the income statement that explains why uncontrollable costs are included in the income statement.
Vendor account reconciliations are performed by three clerks in the accounts payabledepartment on Friday of each week. The accounts payable supervisor reviews thecompleted reconciliations the following Monday to ensure they have been completed.The work performed by the supervisor is an example of which COSO component?(1) Control activities (3) Risk assessment(2) Information and communication (4) Monitoring
Which control activity is the entity implementing when at the end of each month, an HR clerk is reviewing the employees hours for payroll calculation ? Select one: a Independent checks on performance b. Adequate separation of duties c. Physical control over assets and records d. Adequate documents and records
A budget is a detailed plan of all the economic activities of a business. It acts as a business barometer. It is usually prepared in the light of past experience. It is a constant endeavor of the management.
Answer 2, 4, 7, 8 and 10.