S1-2 Contrast managerial and financial accounting (Learning Objective 2) Managerial accounting differs from financial accounting in several areas. Specify whether each of the following characteristics relates to managerial accounting or financial accounting. 2-12 a. Reports are usually prepared quarterly and annually. b. Information is verified by external auditors. Focus is on the past. C. d. Main characteristic of information is that it must be relevant. e. Reports tend to be prepared for the parts of the organization rather than the whole organization. ornal (i o company managers)

S1-2 Contrast managerial and financial accounting (Learning Objective 2) Managerial accounting differs from financial accounting in several areas. Specify whether each of the following characteristics relates to managerial accounting or financial accounting. 2-12 a. Reports are usually prepared quarterly and annually. b. Information is verified by external auditors. Focus is on the past. C. d. Main characteristic of information is that it must be relevant. e. Reports tend to be prepared for the parts of the organization rather than the whole organization. ornal (i o company managers)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following statements is false? Select one: O A. Management accounting statements need not comply with Accounting regulations O B. Financial accounting statements normally reflect more detail than would be found in management accounting reports O C. Management accounting reports emphasise future activities and future costs O D. Financial accounting data are directed primarily at external users rather than internal users.
How can the enhancing characteristic comparability (consistency) be improved in high-quality accounting information? Do not simply repeat what it is, provide suggestions as to how a particular part of the enhancing characteristic could be improved. Please provide different answers and explanations than copy and pasting: “Accounting information is comparable, if -it is with consistent accounting standards and policies applied throughout each accounting period, enables users to draw insightful conclusions about the trends and performance of the company over time.”
Which of the following statements is false? O a. Managerial accounting does not need to conform to GAAP. O b. Managerial accounting sometimes relies on past information. Oc. There is no overlap between financial and managerial accounting. O d. Financial accounting must conform to GAAP.
{Auditing} 36. Recognize the title of financial statement which is audited to know the total contribution of the shareholders in the company? a. Statement of financial performance b. Notes to Account c. Statement of Owner’s equity d. Statement of financial position
Which one of the following statements is not correct regarding financial accounting and management accounting? O a. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. O b. Only financial accounting involves the use of accounting information. Management accounting information emphasize supporting decisions that affect the future unlike financial accounting information, which focus on the consequences of past activities of the organization. O c. O d. None of the given answers Financial accounting needs to follow specific set of rules called accounting standards unlike management accounting O e.
In analysis earnings quality. Earnings quality refers to the reliability of the financial statements presented and whether it reflects the current business environment.Required:In 300 words, discuss the determinants of earnings quality
Statement of one accounting problem identified which was missing records in the host organization where workbased experience was undertaken ▪ Explanation of how the problem is impacting the current accounting framework and environment of the organization if applicable (Findings)
Requirements Each of the statements below describes a responsibility of management. Match each statement to the management responsibility being fulfilled (a. Plan or d. Controlling). 1. 2₁ 3. Are the statements below more descriptive of managerial accounting or financial accounting information? Each of the statements below paraphrases an ethical responsibility. Match each statement to the standard of ethical professional practice being fulfilled c. Integrity, or d. Credibility). Each standard may be used more than once or not at all. Requirement 1. Each of the statements below describes a responsibility of management. Match each statement to the management responsibility being fulfilled c. Directing, or d. Controlling). Statement 1. Identifying alternative courses of action and choosing among them 2. Running the company on a day-to-day basis 3. Determining whether the company's units are operating according to plan Setting goals and objectives for the company and determining strategies…
The primary objective of management accounting is to provide thea.shareholders with useful information for decision makingb. creditors with useful information for decision makingc. management with information useful for planning and control of operationsd. government agencies with information for tax and other compliance purposes
Which of the following statements is false? a.Financial accounting must conform to GAAP. b.Managerial accounting sometimes relies on past information. c.Managerial accounting does not need to conform to GAAP. d.There is no overlap between financial and managerial accounting.
Identify and explain as an example at least 3 scenarios (related with ethics in management accounting only) where Credibility is not followed so that staff may have a better understanding of these guidelines?