الوقت المتبقی 1:26:18Which one of the following statements is not correct regarding financial?accounting and management accountingBoth financial accounting and management accounting involve the.use of accounting informationFinancial accounting needs to follow specific set of rules called baccounting standards unlike management accounting.asiManagement accounting reports need to be audited to verify theiraccuracy unlike financial accounting reports which do not need tobe audited.CManagement accounting information emphasize supporting .ddecisions that affect the future unlike financial accountinginformation, which focus on the consequences of past activities ofthe organizationNone of the given answers.e

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

Which one of the following statements is not correct regarding financial ?accounting and management accounting Both financial accounting and management accounting involve the .use of accounting information Financial accounting needs to follow specific set of rules calledb accounting standards unlike management accounting .a Management accounting reports need to be audited to verify their .c accuracy unlike financial accounting reports which do not need to .be audited Management accounting information emphasize supporting .d decisions that affect the future unlike financial accounting information, which focus on the consequences of past activities of .the organization None of the given answers .e

Which one of the following statements is not correct regarding financial ?accounting and management accounting Both financial accounting and management accounting involve the .use of accounting information Financial accounting needs to follow specific set of rules calledb accounting standards unlike management accounting .a Management accounting reports need to be audited to verify their .c accuracy unlike financial accounting reports which do not need to .be audited Management accounting information emphasize supporting .d decisions that affect the future unlike financial accounting information, which focus on the consequences of past activities of .the organization None of the given answers .e

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 1EB: Match the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by...

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Match the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by the FASB, which is a set of concepts that guide financial reporting B. generally accepted accounting principles (GAAP) ii. independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) here in the United States C. Securities and Exchange Commission SEC) iii. standards, procedures, and principles companies must follow when preparing their financial statements D. conceptual framework iv. assumes a business will continue to operate in the foreseeable future E. going concern assumption v. independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements F. time period assumption vi. companies can present useful information in shorter time periods such as years, quarters, or months
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 system
According to Statement of Financial Accounting Concepts No. 8, to be relevant an earnings report is expected to have which of the following?
Which one of the following statements is not correct regarding financial accounting and management accounting ? a . None of the given answers b. Financial accounting information emphasize supporting decisions that affect the future unlike management accounting information , which focus on the consequences of past activities of the organization . c. Financial accounting needs to follow specific set of rules called accounting standards unlike Management accounting d. Both financial accounting and management accounting involve the use of accounting information . e. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited .
The area of the accounting profession that deals with providing information to meet the needs of the internal decision-makers. Select one: a. Auditing b. No correct answer c. Financial Accounting d. Management Accounting Which of the following statements are true? Select one: a. Both II & III b. Statement I: External analysis depends entirely on issued financial.Statement II: Interpretation and analysis both are different.Statement III: Financial analysis covers interpretation. c. Both I and III d. Both I & II e. I, II, III Which of the following statement is not true? Select one: a. A non-CPA may be the chief accountant of a business enterprise. b. A non-CPA may be engaged in Public accounting. c. To be a good accountant, one must have mastery of mathematics. d. A non-accounting graduate may work as a bookkeeper or accountant or accountant of a business enterprise.
Differentiate between Financial Accounting and Management Accounting. Why doyou think financial reports are subject to regulation, whereas management accountingreports are not?
1) Management accounting is required to follow generally accepted accounting principles. Select one: True False 2) Financial accounting examines monetary and non-monetary events. Select one: True False
don't use ai , chat gpt , bartlby, course for answer i will definitely 7 dislike O d. $30 O e $6 Which one of the following statements is not correct regarding financial accounting and management accounting? O a. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports whic do not need to be audited. O b. Only financial accounting involves the use of accounting information. None of the given answers JIm O d. Financial accounting needs to follow specific set of rules called accounting standards unlike management accountrig e. Management accounting information emphasize supporting decisions that affect the future unlike financial accountin information, which focus on the consequences of past activities of the organization. GE NEXT PAGE
Accounting information provides useful information about business transactions and events. Those who provide and use financial reports must often select and evaluate accounting alternatives. The FASB statement on qualitative characteristics of accounting information examines the characteristics of accounting information that make it useful for decision-making. It also points out that various limitations inherent in the measurement and reporting process may necessitate trade-offs or sacrifices among the characteristics of useful information. Instructions a. Describe briefly the following characteristics of useful accounting information. 1. Relevance. 2. Faithful representation. 3. Understandability. 4. Comparability. 5. Consistency. b. For each of the following pairs of information characteristics, give an example of a situation in which one of the characteristics may be sacrificed in return for a gain in the other. 1. Relevance and faithful representation. 2.…
The basic function of financial accounting is to Select one: a. Interpret financial data b. Record all business transactions c. No correct answer d. Assist the management in performing functions effectively Accounting is also defined as an "Information System" because? Select one: a. The function of accounting is to provide quantitative information, primarily financial in nature about economic entities. b. All of the answers are correct c. Accounting provides required information for anyone seeking it d. It is a system which provide information Public accounting, as a sub-discipline of accounting, includes: Select one: a. Internal auditing b. Management accounting c. Management advisory services d. Cost accounting
1)Development of accounting principles. Presented below are two independent, unrelated statements regarding the formulation of generally accepted accounting principles. Each statement contains some incorrect or debatable statement(s). Statement I The users of financial accounting statements have coinciding and conflicting needs for statements of various types. To meet these needs, and to satisfy the financial reporting responsibility of management, accountants prepare different sets of financial statements for different users. Statement II The FASB should be responsive to the needs and viewpoints of the entire economic community, not just the public accounting profession. The FASB therefore will succeed because it will deal effectively with all interested groups. Instructions Evaluate each of the independent statements and identify the areas of fallacious reasoning in each. Explain why the reasoning is incorrect. Complete your discussion of each statement before proceeding to…
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