Question

In: Accounting

True or false: 1. Administrative accounting provides information to support decisions, while financial accounting does not....

True or false:

1. Administrative accounting provides information to support decisions, while financial accounting does not.

2. Administrative accounting is based exclusively on future information, while financial accounting only records past transactions.

3. Administrative accounting and financial accounting, both, produce financial reports.

4. Administrative accounting is not regulated by financial reporting standards (NIF), while financial accounting is.

5. The financial information standards require the use of the order cost method to value the inventory of goods in process of the manufacturing companies.

6. Variable costs vary on a per-unit basis as the level of activity of the company changes.

Expert Solution

Administrative accounting provides information to support decisions, while financial accounting does not.

FALSE. Financial accounting also provides various information that directly or indirectly support decisions.

Administrative accounting is based exclusively on future information, while financial accounting only records past transactions.

FALSE. Administrative accounting does not necessarily based EXCLUSIVELY on future information.

Administrative accounting and financial accounting, both, produce financial reports.

TRUE. Financial reports can be prepared from either accounting system.

Administrative accounting is not regulated by financial reporting standards (NIF), while financial accounting is.

TRUE. Financial accounting is based on accounting standards notified by various respective authorities.

The financial information standards require the use of the order cost method to value the inventory of goods in process of the manufacturing companies.

TRUE. Inventory is valued based on the ‘order’ of purchased and sale.

Variable costs vary on a per-unit basis as the level of activity of the company changes.

FALSE. Variable costs stays the same ‘per unit basis’ and changes in totality.

ekkarill92 answered 2 years ago

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