Statement 1: Management accounting information is useful in non- manufacturing companies such as schools, hospitals, etc. Statement 2: The roles of management accountants includes monitoring and assessing of performance. Both Statements are true Only Statement 1 is true O Only Statement 2 is true O None of the Statements are true

Statement 1: Management accounting information is useful in non- manufacturing companies such as schools, hospitals, etc. Statement 2: The roles of management accountants includes monitoring and assessing of performance. Both Statements are true Only Statement 1 is true O Only Statement 2 is true O None of the Statements are true

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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3/Identify the false statement: a. Cost accounting is based on data derived from financial accounts b. Management accounting is purely voluntary c. None of the above d. Evolution of management accounting is due to the limitation of cost accounting
Which phrase best describes the current role of the managerial accountant? Managerial accountants prepare the financial statements for an organization. а. b. Managerial accountants facilitate the decision-making process within an organization. с. Managerial accountants make the key decisions within an organization. d. Managerial accountants are primarily information collectors. Managerial Accountants are solely staff advisors in an organization e.
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.
Following are aspects of accounting information. Classify each as pertaining more to financial accounting or to managerial accounting. 1. Primary users are external 5. Controlled by GAAP 2. Includes more nonmonetary information 6. Used in managers’ planning decisions 3. Focuses more on the future 7. Focuses on the whole organization 4. Uses many estimates and projections 8. Not constrained by GAAP
1.What are the impact of issues in management accounting practices on the company and stakeholder? 2. Elaborate some suggestions to avoid the recurrence of the issues in management accounting practices.
Which of the following is the principal reason for preparing managerial accounting reports? a.GAAP b.clarity c.usefulness to management d.cost of preparation
(1) Staff Authority is the authority to advise but not command others. (2) Staff authority is exercised laterally or upward. (3) The Accounting manager exercises Staff Authority (4) the Accounting manager can exercises Staff Authority over his department. O Statement 1, 2 and Statement 2, 3 and are true are true None of the statements are true. O All statements are true.
Which of the following statements about responsibility accounting are correct? Select one: a. Responsibility accounting systems differ widely across organizations. b. The structure for accumulating cost information generally mirrors the structure for accumulating responsibility center information. c. Responsibility accounting is the primary responsibility of accounting staff.
All of the following is correct about Management Accounting except: a. Uses analytical tools b. None of the given Information С. Provides information that aide management. d. Primary focus on the past е. Does not have defined scope or boundary
Managerial accounting is often reffered as accounting for internal users of information. true or false?
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…
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.