Answered: "In management accounting, the…

Business

Accounting

"In management accounting, the timeliness of information is more essential than the accuracy of information."

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 15GI

See similar textbooks

Related questions

Q: Explain what is meant by: The benefits of accounting information must exceed the costs.

Q: Human Resources Accounting is a tool of management accounting O a. True O b, False

A: HR Accounting is used to measure The American Accounting Association Committee on HRA has defined…

Q: Describe accounting's internal function in organisations.

A: Introduction: Accounting is transmitting financial data to users such as investors, individuals, and…

Q: Which of the following are considered secondary characteristics of accounting information? a.…

A: Accounting information is used by various users for different purposes. The primary characteristics…

Q: How important are accounting information systems in contemporary accounting practice?

A: Introduction: Accounting: A company's financial activities are tracked through accounting, which is…

Q: How does management accounting differ from financial accounting?

A: State the way in which the management accounting differs from financial accounting:Accounting is an…

Q: accounting is used by internal decision makers and accounting is used for external

A: Management accounting & Financial accounting are both branches of accounting, while the former…

Q: The basic Objective of the management accounting is to supply the accounting information to…

A: Management accounting is a form or branch of accounting which helps in decision making by managers…

Q: What is the basic difference in orientation between financial and management accounting?

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: Explain the costbenefits principles and how this affects the reliability and relevance of the…

A: Relevance refers to the concept or an idea that whatever information that is provided by the…

Q: Framework, qualitative characteristics of accounting information are essential to assist decision…

A: The accounting information are one of the most important informations as it help it's user that…

Q: quality of accounting standards?

A: Accounting standards determine thee accounting information must have relevance, must be reliable and…

Q: True (t) or False (f) ______ Financial accounting is the process of identifying, measuring,…

A: The Statement is "True (t)".

Q: What is meant by the term “qualitative characteristics of accounting information”?

A: Qualitative Characteristics of Accounting Information System: Qualitative characteristics are what…

Q: Which of the following characteristics must exist for accounting information to be useful in making…

A: Definition:

Q: Which of the following are considered secondary characteristics of accounting information? a.…

A: Secondary Qualitative Characteristics of accounting information is how useful the information is.…

Q: Why is it important to organizationally separate the accounting function from other functions of the…

A: Accounting functions: The functions that are related to maintenance of records of the financial…

Q: If accounting information is timely, and has predictive as well as feedback value, then it is…

A: The accounting information is the data that is used by various stakeholders in order to make…

Q: Accuracy of information is important but the timeliness of information is focused in management…

A: Solution:- Definitions:- Timeliness is how quickly information is available to users of accounting…

Q: are the two fundamental qualities that make accounting information useful for decision making. a.…

A: solution concept Relevance means the information that are relevant for the users of the financial…

Q: Define strategy in accounting?

A: Strategic management accounting refers to the managing and analyzing finances of company which help…

Q: Which of the following are the fundamental characteristics of accounting information? O a.…

A: The fundamental qualities of Accounting Information are Relevance and Faithful Representation.…

Q: This approach is useful for compliance reviews where operators should do what the contract, law,…

A: Answer: The correct answer is option (b) Value stream map Value stream Map gives the clear overview…

Q: What are the two of the qualitative characteristics of accounting information that contribute to its…

Q: Discuss about the accounting policies, selection, relevance, reliability, faithful representation…

A: Accounting policies are specific principle procedures and measures that are used to record,…

Q: Distinguish management accounting from financial accounting.

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Reccomendation

A: Ans. The major environmental factors that effects accounting system are : i. The economic…

Q: Management accounting deals with Qualitative Information O a. True O b, False

A: Management accounting does not only deal with quantitative data but also deals with qualitative data…

Q: Qualitative characteristics of accounting information - Relevance - Reliability - Comparability…

A: The qualitative characteristics of accounting information is useful for decision and reporting…

Q: Identify the qualitative characteristics of accounting information.

A: Definition: Users of financial information: People who rely on accounting information to make the…

Q: Which of the following requires accounting information to be complete, neutral, and free from…

A: Accounting Principles:

Q: Give examples where accounting is used as aid in performing the management functions

A: The accounting records are maintained for providing information to the external and internal users…

Q: Briefly distinguish between management and financialaccounting information in terms of ( a ) the…

A: Financial accounting: Financial accounting is different from managerial accounting. Financial…

Q: Describe the major constraint inherent in the presentation of accounting information.

A: Accounting information: Accounting information refers to that information which is concluded from…

Q: Illustrate the importance of the flow of information in accounting?

A: The importance of flow of information in accounting is of very high significance. The information…

Q: Explain the importance of accounting information for internal parties—primarily management—in terms…

A: Accounting information:-Management uses this information, analyzes the data, and displays the…

Q: The major objective of financial reporting is to provide information that is useful to management in…

A: Financial reporting consists of: Financial statements Annual report Prospects issued to the…

Q: ct of IT on management accounting

A: Management accounting is the process of creating reports about business operations to assist…

Q: What two primary qualitative characteristics make accounting information useful? Predictive…

A: Relevance: In accounting, the term relevance means it will make a difference to a decision maker.…

Q: Do you believe that contingency theory has made adequate contribution to management accounting? Why?…

A: According to the contingency theory of management accounting, there is no one-size-fits-all approach…

Q: 1. Reports prepared in management accounting are general-purpose reports, whereas reports prepared…

A: "As per bartleby guidelines we will solve the first question for you. If you want any specific…

Q: explain the fundamental qualities of accounting information

A: Accounting data would be supplied into an accounting information system, which processes data using…

Q: what are some general management accounting issues?

A: Accounting is the language of business. It the art of recording the business transactions and…

Question

"In management accounting, the timeliness of information is more essential than the accuracy of information."

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.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

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

What parts of the accounting cycle require analytical processes, rather than methodical processes? Explain.
Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.
External users of accounting information would include ________________. employees managers investors supervisors
What are the key differences between financial accounting and managerial accounting?
How do the subject matter of reports and the verification of reports differ between financial accounting and managerial accounting?
"Accuracy of information is important but the timeliness of information is focused in management accounting." Explain
Explain the statement: "Accuracy of information is important but the timeliness of information is focused in management accounting."
How can an accounting information system provide management with information for better decision-making?
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)?
Management is characterized as an internal or external user of accounting information?
Which of the following are considered secondary characteristics of accounting information? a. verifiability and feedback value b. predictive value and timeliness c. comparability and consistency d. representational faithfulness and neutrality
Discuss about the accounting policies, selection, relevance, reliability, faithful representation aspects in detail.