Week 1 accounting Comments

In a broad sense, management accounting can best be defined within the accounting system as:  1. Internal reporting that may be used in making non-routine decisionsand in developing plans, and controlling functions.2. External reporting to government, various outside parties andshareholders3. Internal reporting for use in management planning and control with focus on product.  4. External reporting for use in planning and controlling routineoperations.   another answer  what is the best answer?

Identify the following as True or False:A. Managerial accounting reports must comply with the rules set in place by the FASB.B. Financial accounting reports are typically general-purpose reports.C. Financial accounting reports pertain to the entity as a whole, whereas managerial accounting focusesmore on subunits of the organization.D. The main users of the financial accounting information are the internal users.E. Managerial reports are prepared on an as-needed basis.F. Financial accounting reports often must be audited at least annually by an independent auditor.

In a broad sense, management accounting can best be defined within the accounting system as A. Internal reporting that may be used in making non-routine decisions and in developing plans, and controlling functions. B. External reporting to government, various outside parties and shareholders C. Internal reporting for use in management planning and control focused on product costing function to satisfy external reporting requirement. D. Internal reporting for use in planning and controlling routine operations (Choose letter only)

According to the Conceptual Framework, qualitative characteristics of accounting information are essential to assist decision making process. In your own words, explain: a. How to fundamental qualitative characteristics of accounting information enable the management decision making process? b. The trade-off between fundamental qualitative characteristics and enhancing qualitative characteristics (at least TWO)?

. Indicate 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 organization’s 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. 2.  Identify the following as True or False: Managerial accounting reports must comply with the rules set in place by the FASB. Financial accounting reports are typically general-purpose reports. Financial accounting reports pertain to the entity as a whole, whereas managerial accounting focuses more on subunits of the organization. The main users of the financial accounting information are the internal users. Managerial reports are prepared on an as-needed basis. Financial accounting reports often must be audited at least annually…

13.  Which of the following point is related to institutional factors that affect the accounting quality? Select one: a. Legal environment b. Managers' accounting discretion c. CEO's performance d. Internal auditing Clear my choice

“A key component of the Accounting Conceptual Framework (ACF) is the qualitative characteristics of useful financial information that includes relevance, faithful representation, and other enhancing qualities for identifying and disclosing financial information.” Requirements:  By reviewing IFRS 15 and/or IFRS 16, critically evaluate how accounting regulators and practitioners reflect the qualitative characteristics in practice. Your analysis may also highlight any advantages and challenges in respect of applying the qualitative characteristics in any context(s).  Your answer must clearly mention the IFRS(s) chosen and support your critical evaluation by drawing on evidence and arguments from credible, verifiable, and accessible sources e.g., peer-reviewed academic journals, professional publication, books etc.

Internal accounting information is used primarily for internal decision making by an enterprise’smanagement.a. What are the three primary purposes of internal accounting information?b. Which of these is the most general and which is the most specific?c. Give several examples of the kinds of decisions that internal accounting information supports.

Management accounting can be customized to the specific firm for which the information is being prepared. Why is this an important characteristic of management accounting? Why can’t financial accounting also be customized?

Which of the following is a characteristic of Managerial Accounting? A) Users include investors and creditors B) Information is often available only after an audit is completed C) Financial reporting is relatively flexible without GAAP constraints D) Focus of information is on the whole organization

Explain the statement: "Accuracy of information is important but the timeliness of information is focused in management accounting."

Accounting Theoretical Question. In developing accounting policies, what weight should be given to industry-specific practices versus general accounting principles? Examine the tension between standardization and specialized reporting needs. Where should accountants draw the line between conformity and customization? How might this balance affect the comparability of financial information across industries?

Which of the following is NOT one of the definitions of Management Accounting? Select one: a. Any form of accounting which enables a' business to be conducted more efficiently b. The process of identification, measurement, accumulation, analysis, preparation and communication of financial information used by management to plan evaluate and control within the organisation and to assure appropriate use and accountability for its resources c. A system of collection and presentation of relevant economic information relating to an enterprise for planning, controlling and decision making d. An information system which provides information to the external users of financial information.

There are several different areas of accounting. What type of accounting focuses on providing information to management so they can make better strategic decisions? Multiple Choice Internal Auditing Managerial Accounting Tax Accounting Financial Accounting External Auditing

Do you believe that contingency theory has made adequate contribution to management accounting? Why? Explain in detail.

Need assistance I am trying to get an example on how I would explain this to a group   Explain some management accounting methods and how your report and the data it represents adhere to industry standards and the AICPA code of ethics.

4. Which of the following are characteristics of management accounting information? a) Unregulated formats that allow both form and content to be determined by the management of a businessb) Production and publication are required by lawc) Users include government, suppliers and customersd) Include both historic information and forward looking budgets

Which of the following is the first step within hierarchy of guidance to which management refers, and whose applicability at considers, when selecting accounting policies? A. Apply the requirements in PFRS dealing with similar and related issues B. Apply a standard from PFRS if it specifically relates to the transaction, event, or condition C. Consider the applicability of the definitions, recognition criteria, and measurement concepts in the Conceptual Framework D. Consider the most recent pronouncements of other standard-setting bodies to the extent they do not conflict with PFRS or the Conceptual Framework?

Analyze the integration of management accounting reporting into the organization's operations.

Critically evaluate how management accounting reporting is integrated within organization processes?

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Comparing managerial accounting and financial accounting Match the following terms to the appropriate statement. Some terms may be used more than once, and some terms may not be used at all. a. Accounting systems that must follow GAAP b. External parties for whom financial accounting reports are prepared. c. The role managers play when they are monitoring day-to-day operations and keeping the company on track. d. Internal decision makers. e. Accounting system that provides information on a company’s past performance. f. Accounting system not restricted by GAAP. g. The management function that involves choosing goals and deciding how to achieve them.