Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 1, Problem 10MC
Which of the following statements is incorrect?
- The practice of
management accounting is fairly flexible. - The information gathered from management accounting is not required by law.
- Management accounting focuses mainly on the internal user.
- Reports produced using management accounting must follow GAAP.
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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.
Which of the following statements is not correct about management accounting
OA. The information is more future-based
OB. Different departments within the organisation make use of the information
OC. The information is subject to the Chartered Institute of Management Accounting principles
OD. The information provided is not for general use
Please answer if it is TRUE or FALSE.
Chapter 1 Solutions
Principles of Accounting Volume 2
Ch. 1 - The managers of an organization are responsible...Ch. 1 - Management accountants help the management of an...Ch. 1 - Which of the following is a primary aspect of the...Ch. 1 - During the control function, the measurements...Ch. 1 - Which of the following is false regarding...Ch. 1 - Managerial accounting produces information: to...Ch. 1 - Management accounting: emphasizes special-purpose...Ch. 1 - Internal users of accounting information would not...Ch. 1 - External users of accounting information would...Ch. 1 - Which of the following statements is incorrect?...
Ch. 1 - The stockholders of a company are: the owners...Ch. 1 - The controller of a corporation: reports to the...Ch. 1 - The Certified Financial Analyst (CFA)...Ch. 1 - The Certified Management Accountant (CMA)...Ch. 1 - Which of the following terms means the ability to...Ch. 1 - Which of the following terms means knowing how a...Ch. 1 - What is the law that protects investors from...Ch. 1 - What year was the Sarbanes-Oxley Act enacted? 2007...Ch. 1 - When a representative of an organization gives...Ch. 1 - The law that specifically prohibits payments to...Ch. 1 - Which of the following is not a step in the...Ch. 1 - Which of the following is not an objective used in...Ch. 1 - Which of the following is not true regarding...Ch. 1 - A companys attempts to utilize sustainable...Ch. 1 - A process that is often linked to Six Sigma and is...Ch. 1 - An inventory system that organizations use to...Ch. 1 - A quality control program that depends on multiple...Ch. 1 - Carlita believes an important part of the planning...Ch. 1 - What are some activities and tasks a manager might...Ch. 1 - If there are deviations from the stated goals and...Ch. 1 - Explain how managerial accountants help managers...Ch. 1 - How do the subject matter of reports and the...Ch. 1 - What is the purpose of management accounting?Ch. 1 - Who are the primary users of the information...Ch. 1 - What are the key differences between financial...Ch. 1 - Other than accounting skills, what six qualities...Ch. 1 - Explain how having more than one of the accounting...Ch. 1 - Briefly discuss the chain of command for someone...Ch. 1 - According to the information available at...Ch. 1 - According to the information on management...Ch. 1 - What other professional business organizations...Ch. 1 - How can having a bonus system based purely on...Ch. 1 - What led to the United States Congress passing the...Ch. 1 - What is an enterprise resource planning (ERP)...Ch. 1 - Describe what is meant by the term balanced in the...Ch. 1 - What is corporate social responsibility, and who...Ch. 1 - Indicate whether each statement describes...Ch. 1 - Identify the following as True or False:...Ch. 1 - Define each of these users of accounting...Ch. 1 - Discuss what information would be most useful for...Ch. 1 - Taylor Speedy has prepared the following list of...Ch. 1 - Match the term with the description:Ch. 1 - After the passage of the Sarbanes-Oxley Act in...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Match each lean business method to the best...Ch. 1 - For each of the activities listed, choose the...Ch. 1 - Look up the definitions for the following terms:...Ch. 1 - Indicate whether the statement describes reporting...Ch. 1 - Identify the following as true or false: Financial...Ch. 1 - Companies need to report both monetary and...Ch. 1 - Marvin has been thinking about the fields of...Ch. 1 - Match the term with the description.Ch. 1 - The Foreign Corrupt Practices Act (FC PA) was...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Table 1.3 shows how different areas within the...Ch. 1 - There are individuals who are under the impression...Ch. 1 - Think about the organization chart in Figure 1.7....Ch. 1 - Controversy tends to surround the topic of...
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- Internal users of accounting information would not include _______________________. managers employees creditors officersarrow_forwardHow do the subject matter of reports and the verification of reports differ between financial accounting and managerial accounting?arrow_forwardCreative accounting is defined as using the flexibility in accounting within the regulatory framework to manage the management and presentation of accounts so that they give primacy to the interest of the preparers not the users. Required. Giving examples, discuss the main methods of creative accounting.arrow_forward
- Which of the following statements is false? Oa. Financial accounting must conform to GAAP. Ob. Managerial accounting sometimes relies on past information. Oc. Managerial accounting does not need to conform to GAAP. Od. There is no overlap between financial and managerial accounting.arrow_forwardUnder what circumstances can you envision management using alternative one rather than alternative two? Some accountants argue that the receiving department should be eliminated. Discuss the objective of eliminating the receiving function. What accounting/audit problems need to be resolvedarrow_forwardWhich of the following statements is false? Managerial accounting does not need to conform to GAAP Financial accounting must conform to GAAP. Managerial accounting sometimes relies on past information. There is no overlap between financial and managerial accounting.arrow_forward
- 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.arrow_forwardOne major difference between financial and management accounting is that A. financial accounting reports are prepared primarily for users external to the company. B. management accounting is not under the jurisdiction of the Securities and Exchange Commission. C. government regulations do not apply to management accounting. D. all of the above are true.arrow_forwardAssuming that the data collected in the accounting information system is free from material errors but the processing of such data is inappropriate, would it still be possible to generate correct accounting information under these circumstances? If yes, how? If no, why?arrow_forward
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