When an accountant serves the needs of internal users, generally works for one organization, and prepares specialized reports to assist in decision making, that accountant is engaged in: Select one: a. financial accounting b. managerial accounting c. consulting d. none of the choices

When an accountant serves the needs of internal users, generally works for one organization, and prepares specialized reports to assist in decision making, that accountant is engaged in: Select one: a. financial accounting b. managerial accounting c. consulting d. none of the choices

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Managerial accounting a. is primarily for external users. b. has no mandatory rules. c, provides…

A: Managerial accounting is focused on providing information to managers. This helps the managers in…

Q: worksheet serve to accountants

A: Worksheet-:Multiple column sheets where all essential data utilized for the preparation of the…

Q: Management accounting information

A: Management accounting information is the information generated within the entity for the use of…

Q: Analyze the ethical challenges faced by accountants in their professional practice, and identify…

A: Accountants are professionals who specialize in the measurement, recording, interpretation, and…

Q: Internal users of accounting information: Multiple Choice Are not directly involved in operating a…

A: Generally, internal users of the financial information are the people within the organization who…

Q: Which of the following skills/attributes is not a primary skill for accountants to possess? written…

A: An accountant is a person who keeps a track of all the transactions of the business. He analyses the…

Q: ( trial balances ) explain how can they implemented and how they make accountant job more efficient?

A: Trial Balance Trial balance is one of the important process in the accounting. Trial balance has…

Q: . what are the duties and responsibilities of Accountant jobs?

A: Introduction:- Accountants paly a vital role in every organization. they are helps to businesses…

Q: Based on the website, what are the differences between the job scope of a public accountant and an…

A: INTERNAL AUDITOR An internal auditor is an independent person who monitors the effectiveness of a…

Q: Explain and give examples on how Accounting Information System help EACH professional in their job…

A: Whenever any business is conducted, transactions are made. When transactions are made it is…

Q: Which of the following statements is true of managerial accounting? A) An external audit by an…

A: Managerial Accounting -Managerial accounting, sometimes known as management accounting, is a process…

Q: How do the content of reports and the verification of reports differ between managerial and…

A: The content of reports and the verification process in managerial and financial accounting differ in…

Q: Management's expert refers to an individual or organization, whose work is used by the entity to…

A: Management experts are the individuals who possess expertise other than accounting or auditing and…

Q: From the list below, select those that describe managerial accounting reports. Select all that…

A: Managerial accounting is the activity of using accounting data inside to promote organizational…

Q: Cost and management accounting OA. require and entirely separate group of accounts than financial…

A: Cost and management accounting aids companies in determining the costs of materials, projects, and…

Q: Which of the following users is not considered an internal user of accounting O a. An employee O b.…

A: Internal user of accounting means the stakeholder within the organization who uses the accounting…

Q: Which one of the following is NOT correct about the difference between accounting and auditing?…

Q: The person or class of persons from whom the professional accountant prepares the report for…

A: The responsible party refers to the individuals or group of individuals who are responsible for the…

Q: Identify and explain briefly the fundamental principles that accountants are required to comply…

A: 1. Integrity: Accountants must act with integrity, objectivity, and independence. This means that…

Q: What is the difference between an auditor and accountant?

A: Accounting: Accounting is recording of day to day financial transactions of the business in order to…

Q: Management accounting and financial accounting differ in that management accounting information is…

A: Management accounting and financial accounting are very much similar and differ mainly in two…

Q: Which of the following are characteristics of management accounting information?

A: Statement 1: Non-financial as well as financialThis means that control accounting information…

Q: Financial accounting provides information for managers and other internal users. Select one:…

A: Financial statement are prepared by the management for users decisions making. Financial statements…

Q: Discuss the role of ethics in accounting. What ethical considerations do accountants need to keep in…

A: Ethics plays a crucial role in accounting as the accounting profession deals with sensitive…

Q: Question 2 Which of the following is not a user of management accounting information? O Employees.…

A: There are several branches of accounting being used in business. These may be financial accounting,…

Q: Managerial accounting reports are used by external users unlike financial accounting. TRUE FALSE

A: Managerial accounting reports are strictly for use by internal users i.e. management. However…

Q: Define the following terms below: A. Forensic Accounting B. Financial Accounting C. Auditing D.…

A: Accounting terms play a vital role in facilitating financial transactions, decision-making, and…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: Internal Users: The internal users are the users of the information who are within the…

Q: Which of the following statements is not correct about management accounting O A. The information is…

A: Managerial accounting is used by management personnel for decision making. It is used internally…

Q: What are the common challenges faced by accountants and auditors while performing their duties?…

A: Accounting is the process of recording the transaction and preparing the financial statements.…

Q: Which of the following is not one of the basic standards of the Institute of Management Accountants…

A: The objective of the question is to identify which of the given options is not a part of the basic…

Question

When an accountant serves the needs of internal users, generally works for one organization, and prepares specialized reports to assist in decision making, that accountant is engaged in:

Select one:

a. financial accounting

b. managerial accounting

c. consulting

d. none of the choices

Definition Definition Process by which financial information is analyzed, interpreted, and communicated to managers to support the achievement of an organization's goals. The main objective of managerial accounting is to maximize profits and minimize losses.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Explain the professional ethical responsibility of an accountant and TWO(2) possible courses of ethical actions available to an accountant in practice.
Which one of the following statements is false? O A. Management accounting reports tend to be specific. O B. Management accounting reports are produced as often as required. O C. Management accounting reports are subjected to the principles and practices of GAAP. O D. Management accounting reports are not required by law.
Describe who owns the working papers an accountant generates and whether client information is privileged.
Which of the following is incorrect? A. Non-assurance engagement include agree-upon procedures, compilation of financial or other information and tax consulting B. Assurance service report on the quality of information C. All engagements perform by the professional accountant are assurance engagement D. Assurance engagement encompass attestation engagement
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)
What are the advantages of a CPA over members of other professions in rendering management advisory services or consulting work? Explain. Enumerate the practice standards in MAS and explain each.