Question:43 Briefly distinguish between financial and managerial accounting as they relate to (i) the primary users, (ii) the type and frequency of reports, (iii) the purpose of reports, and (iv) the content of reports. Match the correct/ applicable IMA guideline with the situation by placing the sequence number of the guideline (from 1 to 4) on the line. before each situation (from A through to H). You may use each number more than once. 1. Competence; 2. Confidentiality; 3. Integrity; 4. Objectivity. A) Attend classes to maintain professional competence. B) Do not disclose confidential information. C) _ Communicate information fairly. actions. E) Refuse any gift or favor that would influence your Prepare reports in accordance with relevant technical standards. F) _ Communicate unfavorable as well as favorable information. G) Delaying recording building repair and renovation expense to the next financial year. H) A member of management team discussing internal company policies/matters with a rival company's managers for advice. Which of the following statements does not describe a characteristic of management accounting? A) Management accounting places a great deal of emphasis on the future. B) Management accounting must conform to GAAP. C) Management accounting is more concerned with individual segments of the organization rather than with the organization as a whole. D) Approximate amounts rather than accurate amounts are often used in management accounting. E) More than one of the above statements does not describe a characteristic of management accounting.
Question:43 Briefly distinguish between financial and managerial accounting as they relate to (i) the primary users, (ii) the type and frequency of reports, (iii) the purpose of reports, and (iv) the content of reports. Match the correct/ applicable IMA guideline with the situation by placing the sequence number of the guideline (from 1 to 4) on the line. before each situation (from A through to H). You may use each number more than once. 1. Competence; 2. Confidentiality; 3. Integrity; 4. Objectivity. A) Attend classes to maintain professional competence. B) Do not disclose confidential information. C) _ Communicate information fairly. actions. E) Refuse any gift or favor that would influence your Prepare reports in accordance with relevant technical standards. F) _ Communicate unfavorable as well as favorable information. G) Delaying recording building repair and renovation expense to the next financial year. H) A member of management team discussing internal company policies/matters with a rival company's managers for advice. Which of the following statements does not describe a characteristic of management accounting? A) Management accounting places a great deal of emphasis on the future. B) Management accounting must conform to GAAP. C) Management accounting is more concerned with individual segments of the organization rather than with the organization as a whole. D) Approximate amounts rather than accurate amounts are often used in management accounting. E) More than one of the above statements does not describe a characteristic of management accounting.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Question:43
Briefly distinguish between financial and managerial
accounting as they relate to (i) the primary users, (ii) the
type and frequency of reports, (iii) the purpose of reports,
and (iv) the content of reports. Match the correct/
applicable IMA guideline with the situation by placing the
sequence number of the guideline (from 1 to 4) on the line.
before each situation (from A through to H). You may use
each number more than once.
1. Competence;
2. Confidentiality;
3. Integrity;
4. Objectivity.
A)
Attend classes to maintain professional
competence.
B)
Do not disclose confidential information.
C) _ Communicate information fairly.
actions.
E)
Refuse any gift or favor that would influence your
Prepare reports in accordance with relevant
technical standards.
F) _ Communicate unfavorable as well as favorable
information.
G) Delaying recording building repair and renovation
expense to the next financial year.
H)
A member of management team discussing
internal company policies/matters with a rival company's
managers for advice.
Which of the following statements does not describe a
characteristic of management accounting?
A) Management accounting places a great deal of
emphasis on the future.
B) Management accounting must conform to GAAP.
C) Management accounting is more concerned with
individual segments of the organization rather than with the
organization as a whole.
D) Approximate amounts rather than accurate amounts are
often used in management accounting.
E) More than one of the above statements does not
describe a characteristic of management accounting.
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