Question

In: Accounting

Identify each of the following a feature of managerial accounting (M) or financial accounting (F): 1-...

Identify each of the following a feature of managerial accounting (M) or financial accounting (F):

1- Information is prepared for external users and is historically based.

2- Information prepared must follow GAAP.

3- It is important that information is prepared timely and may contain estimates.

4- Information is prepared for internal users and may report on segments or divisions of the company.

5- The prepared financial statement analyze the company as a Whole.

2- Identify the following costs as product costs (PR) or SG&A/ period costs (SGA):

a) Salaries for staff in the legal department

b) Labor Costs for factory workers.

c) Utilities paid for the corporate headquarter offices.

d) Supplies Used by the company accountant.

f) Tools used to maintain the production equipment.

Solutions

Expert Solution


Related Solutions

1. Identify the role and scope of financial and managerial accounting and the use of accounting...
1. Identify the role and scope of financial and managerial accounting and the use of accounting information in the decision making process of managers. 2. Define operational and capital budgeting, and explain its role in planning, control, and decision making.
Following are aspects of accounting information. Classify each as pertaining more to financial accounting (F) or to management accounting (M):
Following are aspects of accounting information. Classify each as pertaining more to financial accounting (F) or to management accounting (M):1.Primary users are external2. Includes more non-monetary information3. Focuses more on future than past4.Uses many estimates and projections5. Controlled by GAAP6. Used in managers’ planning decisions7. Focuses on the whole organizations8. Not constrained by GAAP
____ 1. Which of the following is a characteristic of financial, but not managerial, accounting: A)...
____ 1. Which of the following is a characteristic of financial, but not managerial, accounting: A) Information includes economic and non-financial data as well as financial data. B) Information is historically based and focuses on the organization as a whole. C) Information is provided primarily to insiders such as managers. D) Information is reported continuously with a present or future orientation. ____ 2. Per our day-one class discussion, managerial accounting information is often not available to the public. The internal...
1. In comparing financial accounting with managerial accounting, managerial accounting A.    Follows GAAP or IFRS reporting...
1. In comparing financial accounting with managerial accounting, managerial accounting A.    Follows GAAP or IFRS reporting standards. B.    Emphasizes timeliness and sub-unit reporting such as business units, divisions, departments. C.    Reports to parties external to the company D.    Emphasizes financial consequences of past activities 2. When production decreases A.    Variable costs per unit decrease. B.    Variable costs per unit increase. C.    Total variable costs increase. D.    Total variable costs decrease. 3. Which of the following is an indirect production cost...
Managerial Accounting For each of the following managerial accounting techniques, read the definition provided in your...
Managerial Accounting For each of the following managerial accounting techniques, read the definition provided in your textbook. In your post, provide an example of a personal situation where you would benefit from the use of each technique. Break-even point Budget Differential Analysis: Relevant Costs & Benefits
Students should define the areas of financial and managerial accounting as well as identify the differences...
Students should define the areas of financial and managerial accounting as well as identify the differences between the two areas of accounting. The paper should address the following differences between the two areas of accounting: What is the emphasis of each accounting area and why (i.e. historical data, future)? Describe the types of reports found in each area. What are the certifications an accountant can obtain in the areas? What are the current trends in managerial accounting? Provide references.
Compare and contrast financial accounting and managerial accounting.
Compare and contrast financial accounting and managerial accounting.
Distinguish the similarities and differences in financial accounting from managerial accounting and how is each type...
Distinguish the similarities and differences in financial accounting from managerial accounting and how is each type of accounting used.
Briefly identify some key differences between managerial accounting and financial accounting. Make sure to address the...
Briefly identify some key differences between managerial accounting and financial accounting. Make sure to address the following points in your answer: Users of the information Decisions being made Constraints/Rules Any other pertinent information
Accounting Case Studies 1. How is managerial accounting different from financial accounting?
Accounting Case Studies 1. How is managerial accounting different from financial accounting?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT