Cost and management accounting A. require and entirely separate group of accounts than financial accounting uses. B. are required for business record keeping as are financial and tax accounting. C. focus solely on determining how much it cost to manufacture a product or provide a service. D. provide product/service cost information as well as information for internal decision making

Q: Managerial accounting a. is primarily for external users. b. has no mandatory rules. c, provides…

A: Managerial accounting is focused on providing information to managers.   This helps the managers in…

Q: Define each service rendered Financial accounting service rendered Managerial accounting service…

A: Services rendered are the services that a company completes for the client or customer prior to…

Q: in how management accounting may differ for each of these types of businesses, service,…

A: Management accounting approaches differ widely depending on the sort of business, whether it is a…

Q: Identify each of the following as an accounting Principle, Assumption, or Constraint. 1. Time period…

A: Accounting principles are guidelines issued by the appropriate authority and should be used while…

Q: Which objective of cost accounting classifies and analyzes cost date for measuring efficiency? a.…

A: Answer: Concept: Cost accounting is defined as the accounting system which helps to analyze the cost…

Q: The role of management accounting in problem solving involves: Select one: O A. The recording of…

A: Management accounting means keeping books of accounts and records for the purpose of providing…

Q: riding information about historical financial results. C. providing information about the sources of…

A: Management accounting is the accounting which is defined as the procedure for analysing the cost of…

Q: Much of managerial accounting information is based on: a, cost-benefit analysis b. profit…

A: Managerial Accounting is the branch of accounting that focuses on providing accounting information…

Q: _____________ is devoted to providing information to the external users

A: External users are investors, creditors and other third parties who review the financials of the…

Q: Which of the following accounting will help managers to ensure cost efficiency for the company? a.…

A: Solution: "Management Accounting" will help managers to ensure cost efficiency for the company.…

Q: Managerial accounting: A.Is based on GAAP B.Includes only financial measure C.Is designed for…

A: Managerial accounting is primarily concerned with assessing the internal requirements of firms and…

Q: Which type of accounting information is intended to satisfy the needs of external users of…

A: Lets understand the basics.Financial accounting, management accounting and cost accounting are…

Q: Explain the difference between FIFO and LIFO methods . Provide example for each method. The subject…

A: Difference between FIFO and LIFO methods No. FIFO LIFO 1) In FIFO method the stock brought…

Q: Cost and management accounting OA. require and entirely separate group of accounts than financial…

A: Cost and management accounting aids companies in determining the costs of materials, projects, and…

Q: The following definition pertains to which accounting principle or convention: Transactions and…

A: A business is established to earn profit. The business incurs various expenses to earn profit. The…

Q: Give a breakdown of the sources of income and categories of costs for a financial organization.

A: Banking institutions are one of the key financial institution of the economy. They primarily receive…

Q: Distinguish between managerial and financial accounting in terms of the key consumers of their…

A: Introduction : When a company's transactions and economic activity throughout time are recorded and…

Q: Explain the objective of Financial Reporting

A: Financial reporting is an accounting practice where the organization discloses the financial results…

Q: The branch of accounting that deals with evaluating the cost of products is called: O a. Financial…

A: The branch of accounting that deals with the cost of products is used to ascertain and allocate the…

Q: Which of the following statement is incorrect? Select one: a. Cost accounting is not required by law…

A: Financial accounting, management accounting and cost accounting are three different forms of…

Q: 1. State whether the following questions is True (T) or False (F). a. Management accounting is…

A: Branches of Accounting- Accounting has basically many branches included in it, some of which are…

Q: Distinguish  between Managerial Accounting and Financial Accounting with respect to the primary…

A: The process of recording, summarising, and reporting to the public or regulators the flow of…

Q: There is a relationship between cost accounting, financial accounting, and management accounting.…

A: Financial and management accounting are two of the most important branches of accounting. They are…

Q: QUESTION 2 a) Briefly explain, how you understand the following term i) Costing ii) Cost object iii)…

A: Accounting is the systematic recording, analysis, and reporting of financial transactions and…

Q: Which of the following are characteristics of management accounting information?

A: Statement 1: Non-financial as well as financialThis means that control accounting information…

Q: The accounting department for Target Stores may be classified as a(n)     profit center.…

A: Accounting department is a department in the organisation which is responsible for all the…

Q: What is the difference between financial reporting information for a merchandising firm and…

A: FINANCIAL REPORTING mainly considered as a standard accounting practice that takes the help of…

Q: When conducting a cost-volume-profit analysis determine where the most challenges for accountant…

A: Cost Volume Profit Analysis (CVP Analysis): This analysis is helpful in determining how any type of…

Q: In the expenditure cycle documents, who is responsible for custodial function of the company and the…

A: Expenditure Cycle includes all the activities starting from Acquisition of goods and services to the…

Q: A central issue in reporting on industry segments of a business enterprise is the determination of…

A: Segment Reporting Generally given as disclosure in the financial statements. Reporting in financial…

Q: Which of the following is not a characteristic of useful managerial accounting reports?…

A: Managerial accounting reports are meant for the internal management of a company and not for…

Q: When preparing financial statement, accountants or auditors will determine an amount which is not…

A: It is practically not possible for an auditor to audit all the transactions in an accounting system.…

Q: In your own understanding, please answer the following: 1. What are the importance of knowing,…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Choose the most appropriate answer(s): Calculation of product cost, gathering information for…

A: SOLUTION-   EXPLANATION- COST ACCOUNTING IS AN ACCOUNTING METHOD THAT AIMS TO CAPTURE A COMPANY'S…

Q: Creative accounting is defined as using the flexibility in accounting within the regulatory…

A: Creative accounting refers to the practice of manipulating financial information within the bounds…

Q: Under what type of responsibility would cost accounting go under? managerial accounting, tax…

A: Cost accounting is a branch of accounting which is used to determine the costs of different…