Answered: Management accounting is not an exact…

Management accounting is not an exact science. A lot of information is based on assumptions and making judgements which are subjective O True O False

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 2Q: Is there a way to prevent managers from focusing on accounting measures as performance measures?

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Question

Management accounting is not an exact science. A lot of information is based on assumptions and making judgements which are subjective
O True
O False

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Similar questions

Is there a way to prevent managers from focusing on accounting measures as performance measures?
The primary qualities that make accounting information useful for decision-making are :(a) Relevance and freedom from bias(b) Reliability and comparability(c) Comparability and consistency(d) None of the above
Which of the following is true about designing an accounting−based performance measure? A. Management's beliefs are not required during the analyses. B. The issues considered in each step are independent. C. The decisions made in steps are followed in a hierarchical order. D. Behavioral criteria are important when evaluating the steps
What distinguishes adaptive accounting system?
The exercise of professional judgement does NOT involve Select one: a. aggressive accounting. b. the application of knowledge gained through experience. c. the use of knowledge gained through education. d. the use of ethical decision making..
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Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.
1. Decision makers vary widely in the types of decisions they make, the methods of decision making they employ, the information they already possess or can obtain from other sources, and their ability to process information. Consequently, for information to be useful there must be a linkage between these users and the decisions they make. This link is: a. relevance. b. reliability. c. understandability. d. materiality. 2. Which of the following is not a major challenge facing the accounting profession: a. Nonfinancial measurements b. Accounting for hard assets. c. Timeliness. d. Forward-looking information.
Explain the problems of adverse selection and moral hazard caused by asymmetricinformation. How can financial intermediaries alleviate those problems?
How can the qualitative faithful representation (reliability) characteristic be improved in high-quality accounting information? Do not simply repeat what it is, provide suggestions as to how a particular part of the qualitative characteristics could be improved. Please provide different answers and explanations than copy and pasting: “Accounting information is reliable if these are-Complete - Financial statements should not exclude any transaction, Neutral - The degree to which information is free from bias. Note that there are subjectivity and estimation involved in financial statements, therefore information cannot be truly "neutral." However, if a company polled 1,000 accountants and took the average of their answers, that would be considered neutral and free from bias. and Free from error - The degree to which information is free from errors.”
Right answer for general accounting
In the text, we point out that Rest’s model is not linear in nature. An individual who demonstrates adequacy in one component may not necessarily be adequate in another, and moral failure can occur when there is a deficiency in any one component. Give an example in accounting when ethical intent may not be sufficient to produce ethical behavior and explain why that is the case.