Answered: What are operations people’s primary…

What are operations people’s primary complaints against the accounting procedures used in most firms? Explain how such procedures can cause poor decisions for the total company.

Business Its Legal Ethical & Global Environment

10th Edition

ISBN:9781305224414

Author:JENNINGS

Publisher:JENNINGS

Chapter19: Governance And Regulation

Section: Chapter Questions

Problem 1DQ

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Identify the following as true or false: Financial accounting reports are not released to external users. Managerial accounting reports are not used by employees inside the organization. Managerial accounting reports include only monetary information. Financial accounting reports are monetary in nature. If a result of a companys operations is nonmonetary in nature, it must be converted to monetary units for managerial reporting. Tax authorities and government regulatory agencies are external users of financial information.
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When we work in any organization, we must be aware of issues that can lead to fraudulent behavior which can impact the financial reporting process in both managerial accounting and financial accounting reports. Distinguish between financial accounting and managerial accounting as to user groups and time horizons. Why should the chief accountant of an organization have a clear understanding of both financial and managerial accounting?
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