Current Attempt in ProgressPeople who manage a business or make business decisionsO always rely on accountants to make decisions impacting the financial condition of the firm.O need to understand accounting statements in order to realize and measure the financial impact of their decisions on thebusiness.O rely on their bankers for investment decisions.O do not need to understand accounting statements but only the operational aspects of their jobs.

Example: Imagine you own a small clothing store. As the owner, you need to make various business…

Answered: Current Attempt in Progress People who…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter1: Role Of Accounting In Society

Section: Chapter Questions

Problem 4MC: Which of the following groups would have access to managerial accounting information? A. bankers B....

See similar textbooks

Similar questions

Use the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following: A. the primary purpose of the entity B. the types of activities that accountants would record (hint: what is the source of the business funding, and what costs might the business have?) C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process
What is business ethics? Is it possible to teach ethical behavior in a management accounting course?
Managerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAP
Which of the following skills/attributes is not a primary skill for accountants to possess? A. written communication B. verbal communication C. ability to work independently D. analytical thinking E. extensive computer programing background
Assume you have been hired by Cabelas Sporting Goods. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company. As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Cabelas organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.
Q: How do managers use accounting in day-to-day operations? How have you used accounting in your work? Where are all the places in a business firm that accountants could work? (Think of all major areas in a large firm) How can knowing more about accounting help you be a better manager?
answer these questions: step 1; Why do managers/accountants need to behave ethically? Explain. Step 2: Describe thestrengths and weaknesses of an accountant for icecream business. would they be good accountants?step 3:Compare and contrast manual accounting with computerized accounting, How are theydifferent?
Which of the following is true of financial accounting, but not true of managerial accounting? Select one: a. Financial accountants work for not-for-profit organizations only. O b. Financial accounting requires no accounting related education. O c. Financial accountants focus on serving the decision-making needs of external users of the business. d. Financial accounting requires an accounting related education. O
What is the accounting equation and discuss how it impacts on the operations of a business? 2. Why is liquidity critical for a business and how might this affect decision making? 3. Why is investment appraisal important to a business? Use examples to support your reasons. 4. What is meant by relevant costs and critically explain their role in decision making. 5. Discuss the benefits of the information contained in the Income Statement/Profit and Loss Account.
According to the Institute of Chartered Accountants of England, "any form of accounting which enables a business to be conducted more efficiently" may be of regarded as management accounting. Management accounting information can help managers identify problems, solve problems and evaluate performance. stion Select one: O True O False
The primary objective of financial reporting is to provide information . In an ethical manner. To the professional accounting associations. To people outside the company for making decisions. Useful to managers in making daily decisions.
Career

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Contemporary Auditing

Accounting

ISBN:

9781337650380

Author:

KNAPP

Publisher:

Cengage

SEE MORE TEXTBOOKS