It has been suggested that not all accounting choices are made by management in the best interest of fair and consistent financial reporting. Required: What motivations can you think of for management’s choice of accounting methods?

Q: While business decisions should be data-driven and usually involve consideration of quantitative…

A: Following are the qualitative factors that should be considered while making a make and buy decision…

Q: directed towards future and present, b) follows standards and norms, c) helps managers in decision…

A: Financial statements comprises of the following: Balance Sheet  Income statement  Statement of Cash…

Q: Which of the following statements regarding flaws suffered by financial measures is not correct? A)…

A: Operational Measures are useful in identifying operational problems.

Q: - The finance manager of ABC Co. approves the financial statements that has an overstated net income…

A: Qualitative characteristics: These implies to the attributes, with the help of which, the…

Q: How are financial accountants challenged in their work to make ethical decisions? Is technical…

A: Ethical behavior implies taking such actions which are not only as per laws but also confirm to…

Q: Drawing on your background in accounting, can you think of any accounting procedure differences that…

A: Accounting Procedures: It  is the Procedure  followed by companies to  record  day-to-day financial…

Q: What are the costs and benefits of management’s use of judgement in financial reporting?

A: Management is the internal part of any organization and thus it plays a very crucial role in making…

Q: Choose the best answer to fill in the blank: "A key difference between management accounting and…

A: Solution Concept Financial reports means the financial statements which shows the profitability ,…

Q: ello! I'm having troubles with my subject and I hope you can make things clearer on my end. Here are…

A: AS 1 Presentation of Financial Statements sets out the overall requirements for financial…

Q: Managerial accounting reports must comply with generally accepted accounting principles. Is it true…

A: The managerial accounting reports are referred to the reports prepared by the organization to be…

Q: Accounting information provides useful information about business transactions and events. Those who…

A: SOLUTION- RELEVANCE REFERS TO THE PROPERTY OF INFORMATION BEING CAPABLE OF MAKING A DIFFERENCE IN…

Q: Management accounting provides economic and financial information for external users such as…

A: Management accounting: It is the process of preparing the reports of a business operation helping…

Q: Which of the following is not an advantage of accounting standards? Select one:   a. All of the…

A: Accounting standards are designed for thr purposes of standardisation of accoutning and reporting…

Q: quality of accounting standards?

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

Q: It is important that management accounting follow certain ethical principle. Please specify which of…

A: Answer:-  Management Accounting meaning:- Managers of the company use the information related to…

Q: State whether the following statement is true or false. "Accounting relies on inexact or approximate…

A: Financial Statements are the outcomes of accounting concepts and conventions combined with…

Q: One major difference between financial and management accounting is that A. financial accounting…

A: Financial accounting includes preparation and presentation of financial statements primarily to…

Q: The objectives of financial reporting for business enterprises are based on the need for…

A: Financial reporting is the financial result of an organisation. Financial result include cash flow…

Q: Explain the characteristics of contingency theory of management accounting. What are some of the…

A: According to the contingent theory of management accounting, there is no one optimal strategy for…

Q: Which of the following statements is incorrect? Select one: a. Reports produced using management…

A: Management accounting is that branch of accounting under which financial accounting information is…

Q: From the following statements which one is not the correct classification of accounting theory

A: Accounting theory is the theory which is actually the set of guidelines, principles or in order…

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: Homer Winslow and Jane Alexander are discussing various aspects of the FASB’s concepts statement on…

A: a)

Q: Which one of the following statements is not correct regarding financial ?accounting and management…

A: Financial accounting is a branch of accounting in which all accounting and financial information is…

Q: Which of the following statements is incorrect?A. The practice of management accounting is fairly…

A: Managerial accounting seems to be the discipline of finding, monitoring, analyzing, analyzing, and…

Q: Financial accounting information can be used for internal reporting purposes.

A: The costs involve the fixed cost and variable cost in the production process of the company.

Q: Management accounting reports on the profitability (and therefore the efficiency) of a business,…

A: There are two main branches of accounting. One is financial accounting and other is management…

Q: Under this qualitative characteristic, users are assumed to have a reasonable knowledge of business…

A: Accounting is the detailed process of recording, classifying, summarising and analysing accounting…

Q: Which of the following statements is incorrect? a.Management accounting focuses mainly on the…

A: Management accounting is that branch of accounting which helps in decision making with the help of…

Q: “Communication financial results and positions to external parties”. Is it not a primary function of…

A: Management Accounting:

Q: ship, so accounting standards based on ‘decision-usefulness for investors’ are misconceived. And…

A: It will cause many additional problems that the really need is the Companies Act requirement in…

Q: How does subjective accounting policies at General Electric assist in hiding poor decision-making…

A: The question as appearing to me looks incomplete. But I'll do my best to get to your point.…

Q: Evaluate the following statements from an ethical perspective:“Earnings management in a narrow sense…

A: "Earnings management, in a narrow sense, is the behavior of management to play with the…

Q: Management is a user of financial analysis. Which of the following comments does not represent a…

A: Financial statements are prepared to show the financial status of a company for its users. The…

Q: Accounting information provides useful information about business transactions and events. Those who…

A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: In general, what is the conceptual framework that underlies accounting principles, and how  does it…

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

Q: The following are basic characteristics of management accounting, except A. It is future-oriented.…

A: Lets start with the meaning of managerial accounting. As the name suggest, it is a accounting for…

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: Why does the Accounting system used for financial statement preparation not always provide the…

A: Management needs detailed information for making a decision. Many times accounting systems do not…

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: Which of the following is correct criticism on the positive accounting theory? O a. It gives…

A: Positive Accounting Theory - It is branch of an academic accounting research that explain and…

Q: Which of the following statements is false? a.Financial accounting must conform to GAAP.…

A: Financial and managerial accounting both are branches of accounting wherein financial accounting is…

Q: How can the qualitative faithful representation (reliability) characteristic be improved in…

A: Relevance refers to how useful the data is for the processes of financial decision-making. In order…

Q: Consider the following short descriptions. Indicate whether each description more closely relates to…

A: Managerial  accounting is refers internal Financial process of entity. Financial accounting  refers…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.