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Principles of Accounting Volume 2

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 8Q: What are the key differences between financial accounting and managerial accounting?

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The three main decision areas that
face financial managers are
described in financialhip
management.

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What is the purpose of management accounting?
Describe financialhip management in terms of the three major decision area that confront the financial manager
Identify three fundamental concepts that affectfinancial decisions, and describe the primaryresponsibilities of a financial manager.
Describe the three primary areas of decision-making for the financial manager.
Explain the scope and enbironment of financial management
Which of the following adequately describes Management Accounting? It is the process of identifying, measuring and: a. analysing financial information b. accumulating information developed for external users c. analysing information d. accumulating information developed for managers
How do the various functional departments of an organization use financial planning (i.e. marketing, operations, sales, executive management, finance, etc.)?
Identify three fundamental concepts that affect financial decisions, and identify the primary responsibilities of a financial manager.
Explain the three broad areas in which the Financial Manager must make decisions
Which among the following is concerned with Management Accounting? a. Preparation of financial statements b. Book keeping c. Providing useful information for strategic planning d. Taking decisions
Classify the following as to whether they are normally related or not to accounting and finance functions: 1. Investment management 2. Preparation of accounting systems and procedures manual 3. Marketing 4. Cost reduction studies
Differentaiate between “quantitative factors” and “qualitative factors” in the study of management accounting. Please give explanation in details with example for each factor

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