College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 2SEB
ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions.
Analyzing a. Telling the results
Recording b. Looking at events that have taken place and thinking about how they affect the business
Classifying
Summarizing c. Deciding the importance of the various reports
Reporting d. Aggregating many similar events to provide information that is easy to understand
Interpreting e. Sorting and grouping like items together
f. Entering financial information into the accounting system
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Students have asked these similar questions
The main purpose of financial accounting is:
To provide useful information to stakeholders
Keep track of business expenses
To organize the financial transactions
To record the data for evidence
CHOOSE A, B,C OR D Management accounting serves following purposes:A. provision of information used by management of a business entity for decision making, planning and performance evaluationB. producing general purpose financial statementsC. meeting regulatory requirementsD. display the income and expenditure for the company and a summary of the assets, liabilities, and shareholders or owners’ equity of the company on the date the accounts were prepared to by usage of Double-entry accounting systemAnswer the question and explain why did you pick this answer
Question based on Accounting Information System subject . Required to answer based on your own understanding.
1. What are the four levels of activity in the pyramid representing the business organization ? distinguish between horizontal and vertical ows of information.
2. What is the relationship among data, information and an information system?
3. Distinguish between Accounting Information System (AIS) and Management Accounting System (MIS)
4. What are the characteristics of good or useful information?
5. What are the levels of data hierarchy ?
6. Distinguish the roles of internal and external auditors
7. Distinguish between the centralized and distributed approaches to organizing the IT function.
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College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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- CHARACTERISTICS OF USEFUL INFORMATION All records in a file must be uniquely identifiable in at least one attribute, which is its primary key.Drawing on your general knowledge of accounting,identify the primary key for the following types ofaccounting records. To illustrate, the first record isdone for you.arrow_forwardTypical accounting tasks include all of the following tasks except ________. A. auditing B. recording and tracking costs C. tax compliance and planning D. consulting E. purchasing direct materialsarrow_forwardIndicate whether each statement describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. The principal users are the organizations managers. The key focus is on the entity as a whole. The rules and principles are very flexible. The information gathered is usually available after an independent audit has been completed.arrow_forward
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- External users of accounting information would include ________________. employees managers investors supervisorsarrow_forwardQuestion based on Accounting Information System subject . 1. What are the four levels of activity in the pyramid representing the business organization ? distinguish between horizontal and vertical flows of information.2. What is the relationship among data, information and an information system?3. Distinguish between Accounting Information System (AIS) and Management Accounting System (MIS)4. What are the characteristics of good or useful information?5. What are the levels of data hierarchy ?6. Distinguish the roles of internal and external auditors 7. Distinguish between the centralized and distributed approaches to organizing the IT function.arrow_forwardManagement accounting information: A.helps shareholders make decisions B.is used by lenders to make credit decisions C.is a one-size-fits-all approach to reporting business results D.can be tailored to the needs of the internal userarrow_forward
- Providing information about the performance and financial position of companies so that users can make economic decisions best describes the role of: Select one: O a. Financial reporting. O b. Financial statement analysis. O c. Auditing.arrow_forward3. The main objective of management accounting is _________ a. To record all the business transactions b. To know the amount due from customers and suppliers c. To maintain the accounting records d. To ascertain, analyze and interpret the results of business operationsarrow_forwardhow managers (internal user) and customers (external user) use accounting information? Give one real-life example for each userarrow_forward
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