Managerial Accounting Testbank

(TCO 1) Which of the following is NOT a difference between Financial Accounting and Managerial Accounting?

“The accounting system generates the information that satisfies two reporting needs that coexist within an organization: financial accounting and managerial accounting” (Schneider, 2012, ch 1.1, para 1). Managerial accounting is the process of preparing reports and accounts required by management to make business decisions for daily, weekly, monthly, and yearly projects. Financial accounting is the branch of accounting that organizes accounting information for presentation to interested parties outside of the organization. Financial accountants produce annual reports for external

The concept of substance over form influences the classification of obligations expected to be refinanced. True False

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1. Your test should include 8 pages (cover sheet plus 7 pages of test). All pages should be turned in at the completion of the exam.

This examination paper must be returned. Candidates are not permitted to remove this paper from the examination room.

The company should probably use direct labor-hours as the activity base, since the fit of the regression line to the data is much tighter than it is with tons mined. The R2 for the regression using direct labor-hours as the activity base is twice as large as for the regression using tons mined as the activity base. However, managers should look more closely at the costs and try to determine why utilities costs are more closely tied to direct labor-hours than to the number of tons mined.

Financial and managerial accounting are integral functions that allow organizations to manage its operational activities. In addition to budgets and variance analyses, both financial as well as managerial accounting are vital elements of healthcare finance. It is therefore important

There are two main fields you can go into. The first is financial accounting. Financial accounting focuses on the external users. This includes stockholders, agencies, suppliers, and creditors. When they prepare their reports such as the income statement and the balance sheet, they focus on the business as a whole. Managerial accounting serves internal users.

“Business Connection Videos” – Video clips of business which are applying the principles and discussions. *

A responsibility centre that incurs costs (and expenses) and generates revenues is classified as a(n)

3. Answer ALL questions and show all workings clearly, where applicable round off your answers to 2 decimal places.

Another main difference between the two different styles of accounting is their relevance of information. Accounting4management.com states that financial accounting mainly is concerned with data that is “objective and verifiable” where managerial accounting is concerned more with information that is relevant to the

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ABCO Corporation has a parts division in country A. Its assembly division is in country B, which has a higher tax rate than country A. To minimize the corporation's overall income tax, how should ABCO set its transfer prices between its parts and assembly divisions?