Answered: 2. LO 1.1 There are individuals who are…

2. LO 1.1 There are individuals who are under the impression that managerial accounting provides services mainly for manufacturing organizations. Are they correct? Explain. Solution

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 2TP: There are individuals who are under the impression that managerial accounting provides services...

See similar textbooks

Related questions

Q: Example Ltd is a manufacturer. Which of the following is an example of the control function in…

A: Answer: Developing corrective actions in response to lower than expected production levels.

Q: Which of the following statements is/are true? Statement I. Norvs and May are committed for a level…

A: The following Statement are True: Statement I and II

Q: Do you think that a Managerial Accountant, responsible for manufacturing operations, would work on…

A: A managerial accountant collects, interprets, and prepares financial data for the organization's or…

Q: What is the role of management accountant in the company

A: The role of management accountant in the company includes 1. To prepare internal financial reports…

Q: 1. "The steps in the accounting cycle for a merchandising company are different from the accounting…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want a…

Q: Why do managers use a standard cost system to control business activities? a) Setting standards…

A: Standards represent the budgeted performance that the company expects to achieve in future. The…

Q: Which is the main characteristic of Management accounting? a. Helping to achieve organizational…

A: Management accounting: Management accounting refers to the preparation of reports or financial…

Q: Which of the following accounting will help managers to ensure cost efficiency for the company? a.…

A: Solution: "Management Accounting" will help managers to ensure cost efficiency for the company.…

Q: For the following activitie, explain which of the objectives of managerial accounting activity is…

A: Objectives of managerial accounting activity: Managerial accounting activity includes set of tools,…

Q: Discuss the following: 1. All accountants are assumed at a minimum be proficient in the AIS user…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Identify and explain the trends in managerial accounting?

A: Managerial accounting is a accounting system which identify, interpret and measure the analysis of…

Q: Conduct research and provide an overview of what performance evaluation entails in managerial…

A: 1. Use of performance evaluation in managerial accounting: A management control system's foundation…

Q: Many accounting and accounting-related professionals are skilled in financial analysis, but most are…

Q: Statement 1: In recent times, most organizations are adopting a structure where managerial…

A: Management accounting includes the activities which are taken by the accountants in order to match…

Q: :Which one of the following is not a characteristic of managerial accounting اخترأحد الخيارات a.…

A: The main objective of the managerial accounting is to assist the management to perform the company…

Q: Conceptually, the main difference between financial accounting and managerial accounting is that…

A: Internal users are the users that work for the company for its internal growth i.e., managers,…

Q: PLEASE ANSWER ALL 1. Management Accounting a. Is concerned with costing products. b. Is governed by…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: 1.) Discuss the difference between managerial accounting and financial accounting and their impact…

A: We will only answer the first question as it is not specified which question is to be answered.…

Q: Why are many companies divided into departments?

A: Department: As a business unit, a department represents a category or functional area of an…

Q: PLEASE ANSWER ALL OF THE ITEMS Write ‘True” if the statement is true and write “False” if the…

A: Managerial accounting involves the presentation of financial information for internal purposes to be…

Q: What role do management accounting principles and practices play in assisting managers in solving…

A: Firm managers face the difficult task of managing people and understanding the real world. Market…

Q: Please list at least 5 major differences between Managerial and Financial Accounting. Include in…

A: Although both managerial and financial accounting are based on data, the way in which those numbers…

Q: Managerial accounting adds value to the organization through provides managers with financial…

A: Managerial accounting involves the presenting the financial information for internal purposes to be…

Q: Cost and management accounting A. require and entirely separate group of accounts than financial…

A: The prime aim of cost accounting is to assist or aid the management in a cost control structure and…

Q: Managerial accountants

A: Option a is wrong because managerial accountants are usually involved in an organization's decision…

Q: Which of the following statements is/are true: Statement 1: Supply chain management involves…

Q: 1, How can accounting consultants or auditors minimize the cost of doing business? How is this…

A: solution : dear student as per bartleby guideline we are required to solve the first question only…

Q: .What is not a business discipline? A. International studies B. Accounting C. Finance D. Human…

A: 1. Business discipline includes all type of subject which supports business activities. This…

Q: 1. State whether the following questions is True (T) or False (F): a. Cost accounting looks at the…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: .What are the impact of issues in management accounting practices on the company and stakeholder?

A: Management accounting refers to the process of determining all the data or sources available outside…

Q: learning Managerial

A: Given: To explain the Managerial Accounting course as, As per rule, allowed to answer one question…

Q: Justin Bleeber has prepared the following list of statements about managerial accounting, financial…

A: The focus of financial accounting is to provide information to both internal as well as external…

Q: A large manufacturer of electronic machinery stated the following as one of its goals: “The company…

A: Managerial accounting: Managerial accounting is a system, or a process of collecting and organizing,…

Q: nancial Manager” a strict job title for a person within a business organization? Explain based on…

A: Introduction : As the name suggests, the financial manager refers to an individual who works in a…

Q: QUESTION 25 One of the reasons that businesses use accounting is it: O a. supplies information that…

A: The accounting record is maintained by a business entity to know the financial condition,…

Q: What are interesting facts/ fun facts about management accounting practices? 2. Explain one example…

A: Answer: Management accounting is the accounting practice which has management involved in accounting…

Q: Help question 39

A: Managerial accounting is concerned with providing information to managers for use with in the…

Question

Managerial accounting. Question #2

2. LO 1.1 There are individuals who are under the impression that managerial accounting
provides services mainly for manufacturing organizations. Are they correct? Explain.
Solution

Definition Definition Process by which financial information is analyzed, interpreted, and communicated to managers to support the achievement of an organization's goals. The main objective of managerial accounting is to maximize profits and minimize losses.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

All of the following are examples of managerial accounting activities except ________. A. preparing external financial statements in compliance with GAAP B. deciding whether or not to use automation C. making equipment repair or replacement decisions D. deciding whether or not to use automation
Which of the following groups would have access to managerial accounting information? A. bankers B. investors C. competitors of the business D. managers
Assume you have been hired by Cabelas Sporting Goods. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company. As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Cabelas organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.
Should a managerial accounting system provide both financial and nonfinancial information? Explain.
When managerial accountants design an evaluation system that is based on criteria for which a manager is responsible, and it is structured to encourage managers to make decisions that will meet the goals of the company as well as their own personal job goals, the framework used is _______. A. a controllable factors framework B. an uncontrollable factors framework C. a strategic plan framework D. a responsibility accounting framework
Managerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAP
Taylor Speedy has prepared the following list of statements about managerial accounting, financial accounting, and the functions of management. Identify each statement as true or false. Financial accounting centers on providing information to internal users. Staff positions are directly involved in the companys primary revenue-generating activities. Preparation of budgets is part of financial accounting. Managerial accounting applies only to merchandising and manufacturing companies. Both managerial accounting and financial accounting deal with many of the same economic events.
Which of the following skills/attributes is not a primary skill for accountants to possess? A. written communication B. verbal communication C. ability to work independently D. analytical thinking E. extensive computer programing background
please answer both questions What are ways in which the profession and tools of managerial accounting help organizations function well and make better decisions ? How can it be helpful to non-financial managers and employees to know more about managerial accounting ?
Question 2 Some individuals argue that accountants should focus on producing financial statements and leave the design and production of managerial reports to information systems specialists. What are the advantages and disadvantages of following this advice? To what extent should accountants be involved in producing reports that include more than just financial measures of performance? Why?
Is it correct that managerial accounting mainly provides services for manufacturing organizations? Why or why not?
Do you think that a Managerial Accountant, responsible for manufacturing operations, would work on making sure the three categories accurately reflect reality? Or is that the job of the folks back in Accounting?