Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all. Budget Managerial accounting Managers Planning Shareholders Controlling a. US companies must follow GAAP (or International Financial Reporting Standards, IFRS, in the case of companies headquartered in many countries outside of the United States) in their systems. b. Financial accounting develops reports for external parties such as d. Creditors Financial accounting c. When managers evaluate the company's performance compared to the plan, they are performing the role of management. e. h. i. are decision makers inside a company. and f. systems are not restricted by GAAP (or International Financial Reporting Standards, IFRS, in the case of companies headquartered in many countries outside of the United States) but are chosen by comparing the costs versus the benefits of the system. g. Choosing goals and the means to achieve them is the provides information on a company's past performance to external parties. function of management. systems report on various segments or business units of the company. statements of public companies are audited annually by CPAs.
Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all. Budget Managerial accounting Managers Planning Shareholders Controlling a. US companies must follow GAAP (or International Financial Reporting Standards, IFRS, in the case of companies headquartered in many countries outside of the United States) in their systems. b. Financial accounting develops reports for external parties such as d. Creditors Financial accounting c. When managers evaluate the company's performance compared to the plan, they are performing the role of management. e. h. i. are decision makers inside a company. and f. systems are not restricted by GAAP (or International Financial Reporting Standards, IFRS, in the case of companies headquartered in many countries outside of the United States) but are chosen by comparing the costs versus the benefits of the system. g. Choosing goals and the means to achieve them is the provides information on a company's past performance to external parties. function of management. systems report on various segments or business units of the company. statements of public companies are audited annually by CPAs.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.
Budget
Managerial accounting
Managers
Planning
Shareholders
Controlling
a. US companies must follow GAAP (or International Financial Reporting Standards, IFRS, in the case of companies
headquartered in many countries outside of the United States) in their
systems.
b. Financial accounting develops reports for external parties such as
Creditors
Financial accounting
d.
c. When managers evaluate the company's performance compared to the plan, they are performing the
role of management.
e.
are decision makers inside a company.
h.
and
provides information on a company's past performance to external parties.
systems are not restricted by GAAP (or International Financial Reporting Standards, IFRS, in the
case of companies headquartered in many countries outside of the United States) but are chosen by comparing the costs
versus the benefits of the system.
g. Choosing goals and the means to achieve them is the
function of management.
systems report on various segments or business units of the company.
statements of public companies are audited annually by CPAs.
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