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- Which of the following activities is associated with the management accounting information system?A. Reporting to the shareholdersB. Preparing a statement of cash flowsC. Reporting on the cost of qualityD. Preparing reports for the tax authoritiesSimilar operating segments may be combined if the segments have similar economic characteristics. Which one of the following is a similar economic characteristic? The segments’ management teams. The tax reporting law sections. The distribution method for products or services. The expected rates of return and risk for the segment’s productive assets.Explain revenue recognition for franchises.
- The primary objective of financial reporting is to provide informationa. useful for making investment and creditdecisions.b. on the cash flows of a company.c. about the profitability of an enterprise.d. to the federal government.Which of the following gives the basic factors of business operations of which their inter-relationship is studied in Cost-Volume-Profit Analysis? Select one:a. Cost of Production, Volume of Purchases, Quantity of Fixed Assetsb. Cost of production,Volume of production or sales, Profitc. Revenues, Expenses, Equityd. Assets, Liabilities, EquityDifferentiate national taxation and local taxation according to nature of power accounting period timing of accrual valuation of real property basis of business tax
- All of them Compare and contrast the following terms as used in public sector accounting 1. Cash Basis of Accounting and Accrual Basis of Accounting 2. Appropriation Accounting and Commitment AccountingRequired: By reference to the data in the problem set, discuss the meanings of upstream sales anddownstream sales and their relevance in computing parent and consolidated net income.Allocate the corporate costs to each region and calculate the income of each region after assigning corporate costs.
- Prepare an entity relationship diagram, in good form, for the expenditure cycle, which consists of both purchasing and cash disbursements. Describe the business rules represented by the cardinalities in the diagrams.Present a definition for the different classifications of ratios and explain what they measure during a financial analysis which include: -Liquidity Ratios -Activity Ratios -Financing Ratios -Market Value Ratio -Profitability Ratio Also what roles would the different departments ( what do they specialize in) contribute to during the financial analysis breakdown: -Finance Manager -Sales Manager -Marketing Manager -HR Manager -Legal department managerWhich of the following regarding GAAP is true?a. GAAP is an abbreviation for generally appliedaccounting principles.b. Changes in GAAP always affect the amount of incomereported by a company.c. GAAP is the abbreviation for generally acceptedaccounting principles.d. Changes to GAAP must be approved by the SenateFinance Committee.
