iness by providin information used in the financial accounting and management accouunting fiel Accounting Education b. a. Cost Accounting Tax Accounting d. Auditing
Q: CHOOSE A, B,C OR D Management accounting serves following purposes: A. provision of information…
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Q: Explain the difference between management accounting and financial accounting.
A: ANSWER : Basis of difference Management accounting Financial accounting 1. Meaning…
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Q: difference between financial accounting and management accounting
A: Financial accounting is the process of collecting data to create financial statements. Managerial…
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A: Introduction Accounting concepts and policies are specific principles, conventions, rules and…
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A: Financing accounting information determines the financial status and health of a business. This is…
Q: Application of Generally Accepted Accounting Principles (GAAP) (e.g., matehing prineipte,…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Who is in charge of financial accounting and who is in charge of management accounting?
A: The Answer
Q: The definition 'Management accounting is concerned with accounting information that is useful to…
A: Explanantion: In normal language any system of accounting, that assists management in carrying out…
Q: The process of communicating information that is relevant to investors, creditors, and others in…
A: 1) The Process of Communicating Information that is relevant to investors , creditors and other…
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A: Financial reportingIt is the standard practice to provide the stakeholders an accurate depiction of…
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A: Internal decision maker: The users who are part of the company and are interested in the details of…
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Q: Distinguish between financial accounting and management accounting.
A: Managerial accounting: Management accounting is a practice whereby management reports and accounts…
Q: Question 6 Discuss the difference between Financial Accounting and Management Accounting and…
A: Financial Accounting is a art of recording, Classifying, summarising, analysing, interpreting and…
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A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…
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Q: mation used in the financial accounting and management accounting Accounting Education b. a. Cost…
A: Since we answer only one question, we will answer the first question. Please resubmit the question.…
Q: Verifiability of financial accounting information is synonymous with: a.) faithful representation…
A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…
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A: The value of financial accounting is primarily defined by its quality. The core premise of…
Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…
A: Financial Accounting: It involves identifying, recording, summarizing and reporting the economic…
Q: Financial accounting deals with the following except Select one: a. Prepares the budgets and…
A: Solution:- Introduction:- Financial accounting deals with the preparation and presentation of…
Q: What is the most important item that included in the notes to the financial statements? O a.…
A: Accounting principles means those set of standards which is followed while preparing the books of…
Q: Conduct Applied Research on Accounting Theory and the Relevance to Financial Reporting.
A: Bookkeeping hypothesis could likewise be used to disclose existing practices to amass a superior…
Q: 21. Which of the following describes the purpose of a management accounting system? a) Recording the…
A: Management accounting system is an accounting system in which management takes decisions on the…
Q: Most of the accounting research begins with the researchet by a. Testing of hypothesis Ob.…
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Q: Accounting measurement is the computation of.......... Select one : a . All the other points b .…
A: Accounting is the process of identifying, recording, classifying, summarising and circulating…
Q: Management accounting
A: Option b is wrong because the statement is true. Management accounting helps the managers to plan…
Q: involves the development and 47 interpretation of accounting information intended specifically to…
A: Accounting is the process of collecting the relevant financial information, summarising and…
Q: The reporting of accounting theory is related to ........ Select one : a . Principles b .…
A: Accounting refers to the process of systematic recording of the transactions of the business. Such a…
Q: An internal accounting system should: a. provide information to enable costs to be minimized b.…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…
A: Answer: Management Accounting
Q: dentify which branch or field of accounting provides the functions and services stated below. Choose…
A: There are several branches of accounting and these branches have their own purposes. These are:…
Q: The purpose of financial accounting is: a. Future oriented b. Communicating company position to…
A: The purposes of financial accounting is to provide information about company's performance to its…
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Q: Describe the system of accounting standards and principles and utilize these in the preparation and…
A: Accounting standards are authoritative statements of how particular types of transactions or events…
Q: Discuss the relationship between Management Accounting and Financial Accounting
A: Accounting comprises of processes that allow access to critical information that aids in…
Q: The Accounting Cycle
A: Answer: (1). The Accounting Cycle It is a collection of processes such as identify transactions,…
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- ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions. Analyzinga. Telling the results Recordingb. Looking at events that have taken place and thinking about how they affect the business Classifying Summarizingc. Deciding the importance of the various reports Reportingd. Aggregating many similar events to provide information that is easy to understand Interpretinge. Sorting and grouping like items together f. Entering financial information into the accounting systemPURPOSE OF ACCOUNTING Match the following users with the information needed. 1. Ownersa. Whether the firm can pay its bills on time 2. Managersb. Detailed, up-to-date information to measure business performance (and plan for future operations) 3. Creditorsc. To determine taxes to be paid and whether other regulations are met 4. Government agenciesd. The firms current financial conditionCodification Situation You are conducting an accounting research project for your boss. Your boss has asked you to determine the appropriate U.S. GAAP that specifies how your company should recognize revenues from the sales of products in a retail store. Your boss is confused because most customers pay cash, but some customers purchase on credit terms, and pay in cash 30 days later. Your manager also wants you to determine the GAAP guidance for how revenue should be recognized in income. Your manager has a lot of knowledge and experience in accounting and has heard about, but has never used, the FASB Accounting Standards Codification system. Directions Use the FASB Accounting Standards Codification system to conduct the research your manager has assigned to you. Use the Codification to determine how to recognize revenue from retail sales, including the right to return. Be prepared to show your manager the specific FASB ASC references that provide the appropriate guidance. Also prepare a brief memo explaining to your manager the different levels of the Codification and how to use the Codification system.
- 1ACCT1002 – Introduction to Financial AccountingUWI Open CampusACCT 1002INTRODUCTION TOFINANCIAL ACCOUNTINGWorksheet 1 Tutorial Worksheet # 1Accounting and the BusinessEnvironment1. The primary objective of financial reporting is to provide information useful formaking investment and lending decisions. To be useful, financial information mustpossess certain characteristics. State these characteristics and discuss each.2. Accountants often refer to GAAP. What does the acronym GAAP means and why isit important in accounting?3. What does the acronym FASB represent and what role does it play in financialaccounting?4. Suppose you are the sole owner of a bicycle sales and repair shop for many years.Which business type would best protect your personal assets from product liabilityexposure and why.5. Suppose you and a friend developed a new technology for home computer systems.However, you both need to raise a large amount of capital to build the productionand support facilities to market the…B. Respond to the following statements and questions in thediscussion forum. Try to do this without looking back at the text.True (T) or False (F): T F1. Management accounting provides economicand financial information for external userssuch as shareholders, creditors and banks. 2. Financial accounting provides information formanagers and other internal users. 3. Financial accounting reports past results. 4. Management accounting is future oriented. 5. Management accounting is required to followgenerally accepted accounting principles. 6. Financial accounting examines monetary andnon-monetary events. 7. Cost accounting is used as a means of fixinga selling price. 8. Cost accounting looks at the company as awhole and not at the various units, jobs orprocesses. 9. Financial accounting is concerned with howand why profits arise. 10. Cost accounting depends entirely on historicalinformation Task 1. Think of situations or scenarios where the services of each brank of private accounting can be stated or explained. SCENARIO 1 (focus on Financial Accounting) _______________________________________________________________________ SCENARIO 2 (focus on Cost Accounting) ________________________________________________________________________ SCENARIO 3 (focus on budgeting) ________________________________________________________________________ SCENARIO 4 (focus on Accounting Information System) ________________________________________________________________________ SCENARIO 5 (focus on Tax Accounting) _________________________________________________________________________.
- In 200-300 words , describe the importance and benefits of preparing accounts and implementing accounting policies as per GAAP (general accepted accounting principle)PROBLEM Below is a list of the qualitative characteristics identified in FASB Statement of Financial Accounting Concepts No. 2. Following the list is a series of descriptive phrases. a. feedback value b. relevance c. decision usefulness d. reliability e. comparability f. predictive value g. varifiability h. consistency i. representational faithfulness j. timeliness k. neutrality _____ 1. When information can make a difference in a decision. _____ 2. Making information available when it is needed. _____ 3. When accounting policies and procedures are unchanged from period ro period. _____ 4. When information is verifiable and neutral. _____ 5. Occurs when the measurement results can be duplicated. _____ 6. The overall qualitative characteristics accounting information should possess. _____ 7. When information enables decision makers to confirm prior expectations. _____ 8. When accounting information is reported the same way by different companies. Required: Match each characteristic…Private accounting, as a sub-discipline of accounting, includes: Select one: a. Management Accounting b. Managerial advisory services c. Tax consultancy d. External auditing Accounting aims to communicate financial information to investors only. Select one: a. False b. True Accounting is the language of business. Select one: a. True b. False
- Management accounting provides economic and financial information for external users such as shareholders, creditors and banks. Select one: True False Question 2 Not yet answered Question text Financial accounting provides information for managers and other internal users. Select one: True FalseIdentify whether the following group of people belongs to internal or external users ofannual reports for a company. Eexplain their need for financial information.a. Johari, investment banker of CIMB Investment Bank.b. Daisy Ong, purchasing manager of the company. c. Happy Berhad, supplier of the company. d. Great Sdn Bhd, regular customer of the company.e. Amy, officer from Inland Revenue Board.Q19 Ms. Sabiha submitted the financial reports of the company in a theoretical form, whereas she needs to draft in to a tabular form showing proper statistics so that the report is immediately understood by the users. Which feature of useful financial information is neglected by Ms. Sabiha? a. Timeliness b. Relevance c. Comparability d. Understandability