MANAGERIAL ACCTG W/MYLAB FDOC
5th Edition
ISBN: 9780136471868
Author: Braun
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 1.2SE
Contrast managerial and financial accounting (Learning Objective 2)
- a. Reports are usually prepared quarterly and annually.
- b. Information is verified by external auditors.
- c. Focus is on the past.
- d. Main characteristic of information is that it must be relevant.
- e. Reports tend to be prepared for the parts of the organization rather than the whole organization.
- f. Primary users are internal (i.e., company managers).
- g. It is governed by Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).
- h. The primary characteristics of information are that it must be reliable and objective.
- i. Reports are prepared as needed.
- j. It is not governed by legal requirements.
- k. Primary users are external (i.e., creditors, investors).
- l. Focus is on the future.
- m. Reporting is based mainly on the company as a whole.
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Multiple Choice For each of the following questions, circle the best response. Answers are at the end of this chapter.1. Managerial accounting, as opposed to financial accounting, is primarilyconcerned witha. the financial condition of the organization as a whole.b. meeting the requirements of generally accepted accounting principles.c. emphasizing the future.d. providing data for investors and creditors.e. determining exact results.
Comparing managerial accounting and financial accounting For each of the following, indicate whether the statement relates to managerial accounting (MA) or financial accounting (FA):
a. Helps investors make investment decisions.
b. Provides detailed reports on parts of the company.
c. Helps in planning and controlling operations.
d. Reports must follow Generally Accepted Accounting Principles (GAAP).
e. Reports audited annually by independent certified public accountants.
5. Match the terms with their appropriate descriptions:
Group choices:
a. Certified Public Accountant
b. Just-in-time manufacturing
c. Certified Management Accountant
d. Continuous improvements
e. Certified Internal Auditor
f. Certified Government Audition Professional
g. Certified financial Analyst
h. Total quality management
i. Lean six sigma
j. Certified Fraud Examiner
Specialist in corporate accounting management; favors financial analytics, budgeting, and strategic domains?
Considered the top tier in accounting certifications; must pass a four-part exam, with education and work experience requirements?
Designation that is exclusively for auditors of the public sector?
Credential for auditors who work within organizations and is one of a few that is accepted worldwide?
Certification for those with a career in finance and investment areas?
Designation that proves proficiency in fraud prevention, detection, and deterrence?
The focus is on quality throughout the entire…
Chapter 1 Solutions
MANAGERIAL ACCTG W/MYLAB FDOC
Ch. 1 - (Learning Objective 1) Which of the following...Ch. 1 - (Learning Objective 2) Managerial accounting...Ch. 1 - (Learning Objective 3) Which of the following...Ch. 1 - (Learning Objective 3) Of the following skills,...Ch. 1 - (Learning Objective 4) Which of the following...Ch. 1 - Prob. 6QCCh. 1 - Prob. 7QCCh. 1 - Prob. 8QCCh. 1 - (Learning Objective 5) Which of the following is...Ch. 1 - (Learning Objective 5) All of the following are...
Ch. 1 - Managers responsibilities (Learning Objective 1)...Ch. 1 - Contrast managerial and financial accounting...Ch. 1 - Prob. 1.3SECh. 1 - Prob. 1.4SECh. 1 - Prob. 1.5SECh. 1 - Prob. 1.6SECh. 1 - Violations of ethical standards (Learning...Ch. 1 - Identify current competitive tools (Learning...Ch. 1 - Identify ethical standards violated (Learning...Ch. 1 - Define key terms (Learning Objectives 1, 2, 3, 4,...Ch. 1 - Define key terms (Learning Objectives 1 2)...Ch. 1 - Prob. 1.12AECh. 1 - Identify users of accounting information (Learning...Ch. 1 - Classify ethical responsibilities (Learning...Ch. 1 - Equipment purchase cost-benefit analysis (Learning...Ch. 1 - Lean production cost-benefit analysis (Learning...Ch. 1 - Identify sustainability efforts as impacting...Ch. 1 - Prob. 1.18BECh. 1 - Prob. 1.19BECh. 1 - Identify users of accounting information (Learning...Ch. 1 - Classify ethical responsibilities (Learning...Ch. 1 - Equipment purchase cost-benefit analysis (Learning...Ch. 1 - Lean production cost-benefit analysis (Learning...Ch. 1 - Prob. 1.24BECh. 1 - Management processes and accounting information...Ch. 1 - Ethical dilemmas (Learning Objective 4) Barb Perot...Ch. 1 - ERP cost-benefit analysis (Learning Objective 5)...Ch. 1 - Online order system cost-benefit analysis...Ch. 1 - Continuation of P1-28A: revised estimates...Ch. 1 - Management processes and accounting information...Ch. 1 - Ethical dilemmas (Learning Objective 4) ETHICS...Ch. 1 - ERP cost-benefit analysis (Learning Objective 5)...Ch. 1 - Online order system cost-benefit analysis...Ch. 1 - Continuation of P1-33B: revised estimates...Ch. 1 - Discuss how managerial accounting can be used at...Ch. 1 - Discussion Questions 1. What are the three main...Ch. 1 - Prob. 1.37ACTCh. 1 - Prob. 1.38ACTCh. 1 - Ethics and casual conversations (Learning...Ch. 1 - Using managerial accounting information to manage...
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