Essay on Role of Managerial Accounting

managerial accounting deals with internal reporting and financial deals with internal reporting (Yes.  Managerial accounting deals with internal reporting and financial accounting deals with external entities)

1. For the year-end December 31, 2007, financial statements, what amount should M record as a liability?

3. On the basis of the responses to Question 1 and 2, what are the units of accounting in this arrangement?

g) evidence is available from internal reporting that indicates that the economic performance of an

For managerial purposes, i.e., making decisions regarding the firm's operations, the standard financial statements as prepared by accountants under Generally Accepted Accounting Principles (GAAP) are often modified and used to create alternative data and metrics that provide a somewhat different picture of a firm's operations. Related to these modifications, which of the following statements is CORRECT?

f) To evaluate the material misstatement in the accounts, I think both of the consolidated income statement and the three financial statements are useful. We need to use the information properly from all the financial statements. However the consolidated income statement is the most useful one. If there is a significant change in an account balance comparing with preceding two years, the auditor will examine whether there a material misstatement exists. For instance, the bad debt expense as a percent of net sales in 2011, 2010 and 2009 are 0.56%, 0.70% and 0.69%, respectively. There should

When it comes to the users of healthcare financial information there is an internal and external aspect. The internal users would also be considered the primary users.

Which of the following would not be considered an external user of accounting data for the Julian Company?

b. What financial statements are commonly prepared for external reporting purposes? What titles does General Mills give these

7. Which of the following must be true if a firm is experiencing economies of scale?

c.) They are required by the SEC to do financial statements quarterly. These quarterly reports

d. Does the firm appear to have an effective corporate governance structure? Explain any shortcomings.

Managerial Accounting reports are primarily used by supervisors, line managers, process owners, as well as executives, to gain a better understanding of the current financial and operational health of the organization. (Internal)

Feedback: Internal users of accounting information systems include boards of directors, chief executive officers, business unit managers, plant managers, store managers, and line supervisors. LO 4

b) What pressures or factors will executives use to encourage accounting managers and staff to go along?