Which one of the following statements is not correct regarding financial accounting and management accounting? Both financial accounting and management accounting involve the use of accounting information. a. b. None of the given answers C. Financial accounting information emphasize supporting decisions that affect the future unlike management accounting information, which focus on the consequences of past activities of the organization. O d. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. e. Financial accounting needs to follow specific set of rules called accounting standards unlike

Which one of the following statements is not correct regarding financial accounting and management accounting? Both financial accounting and management accounting involve the use of accounting information. a. b. None of the given answers C. Financial accounting information emphasize supporting decisions that affect the future unlike management accounting information, which focus on the consequences of past activities of the organization. O d. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. e. Financial accounting needs to follow specific set of rules called accounting standards unlike

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? 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.
9. Technical analysts feel that financial accounting statements lack information, or report it in a way that makes comparisons difficult. Which of the following does not constitute a problem? a. Detailed information concerning sales and expenses by product line. b. Statements of change in financial position. c. Alternative ways of reporting expenses. d. Alternative ways of reporting assets and liabilities. e. The availability of psychological and nonquantitative variables.
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 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.
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
What is the main purpose of information presented in notes to the financial statements? • To provide disclosures required by generally accepted accounting principles. To correct improper presentation in the financial statements. To provide recognition of amounts not included in the totals of the financial statements. To present management's responses to auditor comments.
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
Accounting concepts form the fundamental principles upon which financial accounting is based. These concepts provide a framework for recording, reporting, and interpreting financial transactions in a consistent and meaningful manner. One of the key accounting concepts is the principle of conservatism, which dictates that when faced with uncertainty, accountants should err on the side of caution by recognizing potential losses immediately while delaying the recognition of potential gains until they are realized. This concept ensures that financial statements provide users with a reliable representation of an entity's financial position and performance, even in the face of uncertainty Question: How does the principle of conservatism contribute to the reliability of financial statements?
Which of the following statements are True? a) The financial statements are management's responsibility. b) Management is responsible for adopting sound accounting policies and establishing and maintaining internal control c) The fair presentation of financial statements in conformity with applicable financial reporting framework is an explicit and integral part of management's responsibility. Only b) and c) Only a) Only a) and b) All a) , b) and c)