Which one of the following statements is not correct regarding financial accounting and management accounting?
Q: Which one of the following statements is not correct regarding financial accounting and management…
A: Financial Accounting - This is a branch of accounting under which business transactions are recorded…
Q: For which classification of users are financial statements prepared? What characteristic of these…
A: Solution Generally Accepted accounting Principle (GAAP) to a common set of accounting principles ,…
Q: difference between financial accounting and management accounting
A: Financial accounting is the process of collecting data to create financial statements. Managerial…
Q: Explain why the accounting standards are necessary in financial reporting.
A: Accounting Standards are the rules and guidelines that are used for preparation of financial…
Q: What is the rationale behind the Financial Accounting Standards Board's classification of accounting…
A: Introduction
Q: Which of the following is not an objective of the conceptual framework? O a. Provides guidance for…
A: A conceptual framework is a lucid arrangement of interrelated goals and fundamentals that can prompt…
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: 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: What is the definition of a conceptual framework? Why is it vital to have a conceptual framework in…
A: Conceptual Framework: A conceptual framework logically explains connected aims and foundations that…
Q: Which of the following is NOT related to accounting? O a. Management accounting O b. Financial…
A: Accounting:- Accounting includes recording of business transactions. Professional accountants…
Q: What is the function and primary focus of financial accounting?
A: Accounting: It is a systematic process of recording the financial transactions of an organization…
Q: What is an externality, and why do financial accounting practices typically ignore externalities?
A: Externality is the benefit or the cost caused through the producer that is not incurred financially…
Q: How do accounting and business administration differ?
A: The term Business Administration has a wider scope than Accounting. A few of them are outlined…
Q: Which one of the following statements is not correct regarding financial accounting and management…
A: Financial accounting is a branch of accounting which means preparation and circulation of financial…
Q: What is the fundamental difference between financial accounting and management accounting in terms…
A: An accountant's job is to keep track of the findings and analyze them.
Q: Which one of the following statements is not correct regarding financial accounting and management…
A: Financial Accounting: The main purpose is to ascertain profit or loss and to indicate the financial…
Q: How is financial accounting different frommanagement accounting?
A: The financial accounting and the management accounting are used for taking decisions for the…
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: Is there a type of accounting that is not financial accounting?
A: Yes, there are two type of accounting which is not a financial accounting.
Q: How do the subject matter of reports and the verification of reports differ between financial…
A: Both financial and managerial reporting have different scope and objectives .Detail explanation…
Q: What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?
A: Conceptual Framework: A conceptual framework is a logical presentation of interrelated objectives…
Q: Which of the following is a major challenge facing the accounting profession? O A. Accounting for…
A: Major challenges facing the accounting profession are :- Non financial measurements Forward looking…
Q: What is meant by "financial accounting" and "management accounting"? What is the difference between…
A: Financial Accounting: It is collection of accounting data to create financial statements. It…
Q: To what end does financial accounting serve?
A: The end of financial accounting is to provide business with the financial performance and financial…
Q: Is there a distinction between management and financial accounting?
A: Accounting refers to a process through which all day-to-day activities or transactions occurred or…
Q: What Is The Primary Objective Of Financial Accounting?
A: Financial accounting: Financial accounting is the process of measuring the business activities of an…
Q: What exactly do you mean by the idea of materiality in accounting?
A: This question explains about the idea of materiality in accounting
Q: Financial accounting information is characterized by all ofthe following except:a. It is historical…
A: Financial accounting information will be information about a business element's exchanges. From…
Q: Which pronouncements are not issued by the FASB? a. Statements of Financial Accounting Concepts b.…
A: FASB is an accounting standard board, the main purpose of which is to establish the GAAP (Generally…
Q: Which one of the following statements is not correct regarding financial accounting and management…
A: The correct option is C.)
Q: Which of the following is not included in the financial statements prepared by accountants?
A: The answer is option (b) Trail balance
Q: The financial statements are based on the most basic tool of accounting. True or false? Explain how?
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: Which of the following is NOT related to accounting? O a. Management accounting O b. Financial…
A: Accounting:- Accounting includes recording of business transactions. Under accounting, the…
Q: How is the use of accounting information diverse and varied?
A: Definition: Accounting Information: Accounting Information refers to the data which makes a decision…
Q: Financial accounting data prepared in accordance with GAAP. But management accounting don’t follow…
A: The answer for the theory question on Financial Accounting vs Management Accounting is presented…
Q: Why accounting is an infromation system? Explain with your own point of view with example.
A: Accounting Information Systems helps to perform the tasks in the job of Budget Analysis. An…
Q: fer from o
A: Revenue should be recognised when it is generated, not when it is received, according to the revenue…
Q: Make logical comparison between financial accounting with other fields of accounting ?
A: Accounting It is a process under which financial transactions are recorded ,stored, retrieving ,…
Q: Which of the following are not included in the external users of accounting nformation? O a. Tax…
A: There are two types of users of accounting information. Internal users External users.
Q: Which one of the following statements is not correct regarding financial accounting and management…
A: The correct option is B. Only financial accounting involves the use of accounting information
Q: defination of accounting?
A: The business has various transactions while operating, the stakeholders of the business need to know…
Q: What are the accounting implications of an accounting model whose measurement focus is on “current…
A: The current financial resources measurement focus measures primarily financial resources and does…
Q: n conceptual framework resolve accounting problems? How?
A: Introduction: Conceptual framework is a guide for preparing financial statements by identifying the…
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- Ali is currently working as a human resource manager for a company and earns a good salary. He is planning to pursue a Master of Business Administration (MBA) degree. He recently received an offer from University A, which included the cost of tuition fees. If Ali decided to go for the MBA study, his company would stop paying his salary. At the same time, if Ali completed his MBA degree, he would earn a higher salary than his current one. Furthermore, Ali has recently purchased an apartment in the city and moved in. For Ali, when considering whether or not to go for the MBA study, the cost of tuition fees is referred to as: a. Opportunity cost. O b. Sunk cost. Incremental revenue. O C. d. None of the given answers. O e. Incremental cost.Ali is currently working as a human resource manager for a company and earns a good salary. He is planning to pursue a Master of Business Administration (MBA) degree. He recently received an offer from University A, which included the cost of tuition fees. If Ali decided to go for the MBA study, his company would stop paying his salary. At the same time, if Ali completed his MBA degree, he would earn a higher salary than his current one. Furthermore, Ali has recently purchased an apartment in the city and moved in. For Ali, when considering whether or not to go for the MBA study, the cost of tuition fees is referred to as: a. Incremental revenue. b. None of the given answers. O C. Incremental cost. O d. Opportunity cost. e. Sunk cost. NEXT PAGE AGE MacBook Air DII F8 Q F7 80 F6 F5Ali is currently working as a human resource manager for a company and earns a good salary . He is planning to pursue a Master of Business Administration (MBA ) degree . He recently received an offer from University A, which included the cost of tuition fees. If Ali decided to go for the MBA study , his company would stop paying his salary . At the same time, if Ali completed his MBA degree , he would earn a higher salary than his current one . Furthermore , Ali has recently purchased an apartment in the city and moved in. For Ali , when considering whether or not to go for the MBA study, the cost of the apartment is referred to as: a. Incremental revenue . b. Sunk cost c. of the given answers . d. Incremental cost. e. Opportunity cost .
- Ali is currently working as a human resource manager for a company and earns a good salary. He is planning to pursue a Master of Business Administration (MBA) degree. He recently received an offer from University A, which included the cost of tuition fees. If Ali decided to go for the MBA study, his company would stop paying his salary. At the same time, if Ali completed his MBA degree, he would earn a higher salary than his current one. Furthermore, Ali has recently purchased an apartment in the city and moved in. For Ali, when considering whether or not to go for the :MBA study, the cost of tuition fees is referred to as .None of the given answers .a O .Opportunity cost b O Sunk cost .c O Incremental revenue .d O Incremental cost .e O hp 10 ho 6. 7 8 9. %3D { P. Y 9. H. KAli is currently working as a human resource manager for a company and earns a good salary. He is planning to pursue a Master of Business Administration (MBA) degree. He recently received an offer from University Awhich included the cost of tuition fees. If decided to go for the MBA study, his company would stop paying his salaryAt the same time, if Ali completed his MBA degree, he would earn a higher salary than his current one Furthermore, Ali has recently purchased an apartment in the city and moved in For when considering whether or not to go for the MBA studythe extra salary to be received after the MBA study is referred to as: Sunk cost. b. Incremental cost. c. None of the given answers , d Incremental revenue . Opportunity cost.Ali is considering the decision of whether or not to go and study a Master degree. He is currently working as an accountant in XYZ Company. He is thinking of getting a Master Degree. If he decided to study the Master Degree, h would expect to earn higher salary than his current one. On the other hand, the study of the Master Degree would f him to take unpaid leave from his current job. Furthermore, Ali recently purchased a new car. For All, the unpaid sala when Ali goes to study the Master Degree is referred to as: Select one: a. Opportunity Revenue b. Sunk revenue c. Differential revenue d. Differential cost O e. Opportunity cost The management function that focuses on setting out future goals for the organization is referred to as: Select one: a. Counseling Ob. Controlling O. Decision making d. Planning Oe. Advising
- Ali is considering the decision of whether or not to go and study a Master degree. He is currently working as an accountant in XYZ Company. He is thinking of getting a Master Degree, If he decided to study the Master Degree, he would expect to earn higher salary than his current one. On the other hand, the study of the Master Degree would force him to take unpaid leave from his current job. Furthermore, Ali recently purchased a new car. For Ali, the cost of the car is referred to as Select one: O a. Opportunity cost O b. Sunk cost O C. Differential revenue O d. Opportunity Revenue O e. Differential costBen Bates graduated from college six years ago with a finance undergraduate degree. Although he is satisfied with his current job, his goal is to become an investment banker. He feels that an MBA degree would allow him to achieve this goal. After examining schools, he has narrowed his choice to either Wilton University or Mount Perry College. Although internships are encouraged by both schools, to get class credit for the internship, no salary can be paid. Other than internships, neither school will allow its students to work while enrolled in its MBA program. Ben currently works at the money management firm of Dewey and Louis. His annual salary at the firm is $65,000 per year, and his salary is expected to increase at 3 percent per year until retirement. He is currently 28 years old and expects to work for 40 more years. His current job includes a fully paid health insurance plan, and his current average tax rate is 26 percent. Ben has a savings account with enough money to cover the…After grauating with a BBA in Accounting, Tina is considering going to college to get a Masters in Accounting. If she does not go to graduate school to get a Masters in Accounting, she will be eaming $115742 working at a public accounting firm, and spend $59222 on room and board. If she goes to college to get a Masters in Accounting, she will spend $44703 on tuition, $31797 on room and board, and $6432 on books. Tina just found out that if she decides to get a Masters in Accounting, she will have the opportunity to work as a TA and get paid $11604 while she is getting her Masters. What are Tina's opportunity costs of getting a Masters in Accounting?
- Ben Bates graduated from college six years ago with a finance undergraduate degree. Although he is satisfied with his current job, his goal is to become an investment banker. He feels that an MBA degree would allow him to achieve this goal. After examining schools, he has narrowed his choice to either Wilton University or Mount Perry College. Although internships are encouraged by both schools, to get class credit for the internship, no salary can be paid. Other than internships, neither school will allow its students to work while enrolled in its MBA program. Ben currently works at the money management firm of Dewey and Louis. His annual salary at the firm is $65,000 per year, and his salary is expected to increase at 3 percent per year until retirement. He is currently 28 years old and expects to work for 40 more years. His current job includes a fully paid health insurance plan, and his current average tax rate is 26 percent. Ben has a savings account with enough money to cover the…Michiko and Saul are planning to attend the same university next year. The university estimates tuition, books, fees, and living costs to be 12,000 per year. Michikos father has agreed to give her the 12,000 she needs to attend the university. Saul has obtained a job at the university that will pay him 14,000 per year. After discussing their respective arrangements, Michiko figures that Saul will be better off than she will. What, if anything, is wrong with Michikos thinking?Which of the following scenarios would be considered an EXCEPTION to the rule that people on average make more money as they obtain higher levels of education? a.Julia graduates from a state college with a degree in business and is hired by an insurance company to sell automobile insurance. The company pays Julia an annual salary of $64,000. b. A college dropout starts a new social media technology company and sells the company and its new technology to a venture capital firm for $50 million dollars making him an instant multi-millionaire. c. Dan is a high school graduate and decides he does not want to go to college. He finds a full-time job loading and unloading trucks in a local warehouse that pays him $38,000 per year. d. A chemical engineer with a Ph.D. in biochemistry is paid $200,000 per year to develop new fuels for vehicles that have lower carbon emissions in the atmosphere.