Typical accounting tasks include all of the following tasks except ________.
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Q: accounti
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Q: The accounting process generates financial reports forboth internal and external users. Describe…
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Q: mechanical aspect of accounting
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
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A: The answer:
Q: how managers (internal user) and customers (external user) use accounting information? Give one…
A: Introduction:- Users of accounting information are classified into two types as follows under:-…
Q: Identify the following questions as most likely to be asked by an internal (I) or an external (E)…
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A: As a result of technological advancement, many businesses have begun using technology in almost…
Q: iness by providin information used in the financial accounting and management accouunting fiel…
A: Since we answer only one question, we will answer the first question. Please resubmit the question.…
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…
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A: Accounting department refers to the corporate overhead group part of the firm and this department is…
Q: You are a Management Accountant who will be required to work with the financial accounting system.…
A: Accounting - Accounting is the art of Recording, classifying and summarizing financial information…
Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…
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Q: The type of accounting that is related to cost ascertainment and control is: a. Cost accounting b.…
A: Financial accounting helps in preparation and presentation of financial statements Taxation…
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: Discuss the two main branches of accounting and explain the differences between financial accounting…
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
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: Management accounting focuses on internal reporting. tax preparation. auditing.…
A: Management accounting: Under this accounting includes providing the information related to the…
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A: Financial Accounting -:Financial Accounting is the procedure of recording, summarizing, and…
Q: To understand and use accounting information in makingeconomic decisions, you must understand: a.…
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Q: Identify the following users of accounting information as either an (a) external or (b) internal…
A: External users of accounting information are those persons which are external to the organisation…
Q: Are the financial reports contained in the annual report considered financial accounting reports or…
A: Financial reports are information regarding the financial performance and financial position of a…
Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…
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Q: Management accounting information: A.helps shareholders make decisions B.is used by lenders to…
A: There are two main forms of accounting being used by the business. One is financial accounting and…
Q: Identifying users of accounting information For each user of accounting information, identify if the…
A: Identify the users of the accounting:
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: B. Managerial accounting - 1. Internal auditing A. Financial accounting - 2. External auditing B.…
Q: Revenue Cycle is: Select one: a. None of the above b. A recurring set of business activities and…
A: Solution: Revenue cycle is "A recurring set of business activities and related information…
Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…
A: Answer: Management Accounting
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Q: is the segment of activity of a business which is responsible for both revenue and expenses. a.…
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Q: Discuss the importance of management accounting, and how it differs from what financial accounting…
A: What is management Accounting Management accounting means accounting for management. It is the…
Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…
A: Financial Accounting: It refers to the process of recording the financial transactions of the…
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Q: This is a question from the Accounting Information Systems by James Hall. What is a source document?…
A: Source Document is considered as a supporting document for all the accounting transactions which…
Q: Typical accounting tasks include all of the following tasks except ________.A. auditingB. recording…
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Q: Which of the following branches of accounting is often limited to preparing and distributing…
A: Accounting is the process whereby the costs and revenues of the business are estimated and recorded.…
Q: An enhancing qualitative characteristics of financial accounting information is that: Information…
A: The criteria for enhancing qualitative characteristics of financial accounting information is…
Q: Comparing managerial accounting and financial accounting For each of the following, indicate whether…
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
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Q: For each of the following, indicate whether the item would be reported on the balance sheet…
A: The financial statements of the business include balance sheet and income statement.
Typical accounting tasks include all of the following tasks except ________.
- auditing
- recording and tracking costs
- tax compliance and planning
- consulting
- purchasing direct materials
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- Typical accounting tasks include all of the following tasks except ________. A. auditing B. recording and tracking costs C. tax compliance and planning D. consulting E. purchasing direct materialsAll 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 automationAn effective managerial accounting system should track information about an organizations activities in which of the following areas? a. Development b. Marketing c. Production d. Design e. All of these.
- Explain why the Accounting Department should be responsible for producing quality cost reports.Walsh & Coggins, a professional accounting firm, collects cost information about the services they provide to their clients. Describe the types of cost data they would collect and explain the importance of analyzing this cost data.For each of the following situations, two scenarios are described, labeled A and B. Choose which scenario is descriptive of a setting corresponding to activity-based responsibility accounting and which is descriptive of financial-based responsibility accounting. Provide a brief commentary on the differences between the two systems for each situation, addressing the possible advantages of the activity-based view over the financial-based view. Situation 1 A: The purchasing manager, receiving manager, and accounts payable manager are given joint responsibility for procurement. The charges given to the group of managers are to reduce costs of acquiring materials, decrease the time required to obtain materials from outside suppliers, and reduce the number of purchasing mistakes (e.g., wrong type of materials or the wrong quantities ordered). B: The plant manager commended the manager of the Grinding Department for increasing his departments machine utilization ratesand doing so without exceeding the departments budget. The plant manager then asked other department managers to make an effort to obtain similar efficiency improvements. Situation 2 A: Delivery mistakes had been reduced by 70 percent, saving over 40,000 per year. Furthermore, delivery time to customers had been cut by two days. According to company policy, the team responsible for the savings was given a bonus equal to 25 percent of the savings attributable to improving delivery quality. Company policy also provided a salary increase of 1 percent for every day saved in delivery time. B: Bill Johnson, manager of the Product Development Department, was pleased with his departments performance on the last quarters projects. They had managed to complete all projects under budget, virtually assuring Bill of a fat bonus, just in time to help with this years Christmas purchases. Situation 3 A: Harvey, dont worry about the fact that your department is producing at only 70 percent capacity. Increasing your output would simply pile up inventory in front of the next production department. That would be costly for the organization as a whole. Sometimes, one department must reduce its performance so that the performance of the entire organization can improve. B: Susan, I am concerned about the fact that your departments performance measures have really dropped over the past quarter. Labor usage variances are unfavorable, and I also see that your machine utilization rates are down. Now, I know you are not a bottleneck department, but I get a lot of flack when my managers efficiency ratings drop. Situation 4 A: Colby was muttering to himself. He had just received last quarters budgetary performance report. Once again, he had managed to spend more than budgeted for both materials and labor. The real question now was how to improve his performance for the next quarter. B: Great! Cycle time had been reduced and, at the same time, the number of defective products had been cut by 35 percent. Cutting the number of defects reduced production costs by more than planned. Trends were favorable for all three performance measures. Situation 5 A: Cambry was furious. An across-the-board budget cut! How can they expect me to provide the computer services required on less money? Management is convinced that costs are out of control, but I would like to know whereat least in my department! B: After a careful study of the Accounts Payable Department, it was discovered that 80 percent of an accounts payable clerks time was spent resolving discrepancies between the purchase order, receiving document, and the suppliers invoice. Other activities such as recording and preparing checks consumed only 20 percent of a clerks time. A redesign of the procurement process eliminated virtually all discrepancies and produced significant cost savings. Situation 6 A: Five years ago, the management of Breeann Products commissioned an outside engineering consulting firm to conduct a time-and-motion study so that labor efficiency standards could be developed and used in production. These labor efficiency standards are still in use today and are viewed by management as an important indicator of productive efficiency. B: Janet was quite satisfied with this quarters labor performance. When compared with the same quarter of last year, labor productivity had increased by 23 percent. Most of the increase was due to a new assembly approach suggested by production line workers. She was also pleased to see that materials productivity had increased. The increase in materials productivity was attributed to reducing scrap because of improved quality. Situation 7 A: The system converts materials into products, not people at work stations. Therefore, process efficiency is more important than labor efficiencybut we also must pay particular attention to those who use the products we produce, whether inside or outside the firm. B: I was quite happy to see a revenue increase of 15 percent over last year, especially when the budget called for a 10 percent increase. However, after reading the recent copy of our trade journal, I now wonder whether we are doing so well. I found out that the market expanded by 30 percent, and our leading competitor increased its sales by 40 percent.
- Explain the costbenefits principles and how this affects the reliability and relevance of the accounting informationDiscuss the difficulties associated with manual cost accounting and how the organization may improve its accounting information system to more accurately represent the reporting issues.what is the best design for costing systems? a. to be tailored to the underlying operations of the company. b. in accordance with generally accepted accounting principles for financial accounting reporting. c. to be compatible with the latest technology for data collection regardless of the cost. d. according to guidelines established by the institute of management accountants for aiding management decision making.
- It is commonly suggested that a management accounting system should be capable of supplying different measures of cost for different purposes. You are required to set out the main types of purpose for which cost information may be required in a business, and to discuss the alternative measures of cost which might be appropriate for each purpose.Which of the following sets of application characteristics of an accounting application might influence the selection of data entry devices and media for a computerized accounting system?a. Timing of feedback needs relative to input, need for documentation of an activity, and the necessity for reliability and accuracy.b. Cost considerations, volume of input, complexity of activity, and liquidity of assets involved. c. Need for documentation, necessity for accuracy and reliability, volume of output, and cost considerations. d. Relevancy of data, volume of input, cost considerations, volume of output, and timing of feedback needs relative to input. e. Type of file used, reliability of manufacturer’s service, volume of output, and cost considerations.Classify the following activities as part of the identifying (I), recording (R), or communicating (C) aspectsof accounting. Measuring the costs of a product