3. Which of the following is most associated with managerial accounting? a. must follow GAAP...

3. Which of the following is most associated with managerial accounting?

	a.	must follow GAAP
	b.	may rely on estimates and forecasts
	c.	is prepared for users outside the organization
	d.	always reports on the entire entity

4. Which of the following is most associated with financial accounting?

	a.	can have both objective and subjective information
	b.	can be prepared periodically, or as needed
	c.	prepared in accordance with GAAP
	d.	can be prepared for the entity or segment

5. Which of the following statements is false?

	a.	There is no overlap between financial and managerial accounting.
	b.	Managerial accounting sometimes relies on past information.
	c.	Managerial accounting does not need to conform to GAAP.
	d.	Financial accounting must conform to GAAP.

6. In most business organizations, the chief management accountant is called the

	a.	chief accounting officer
	b.	controller
	c.	chairman of the board
	d.	chief executive officer

Solutions

Expert Solution

3. may rely on estimates and forecasts

4. Prepared in accordance with GAAP

5. There is no overlap between financial and managerial accounting.

6. controller

Amanda K answered 2 years ago

Next > < Previous

Related Solutions

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...

Which of the following is most associated with managerialaccounting?Group of answer choicesmust follow...

Which of the following is most associated with managerial accounting? Group of answer choices must follow GAAP in the preparation of the financial statements may relay on estimates and forecasts of numbers as well as other financial data is prepared for SEC or other outside users of the organization always reports on financial results of operations and financial condition of the entire company The Darwin Company reports the following information Sales $76,500 Direct materials used 7,300 Depreciation on factory equipment ...

Which of the following is true of managerial accounting? Managerial accounting primarily focuses on the organization...

Which of the following is true of managerial accounting? Managerial accounting primarily focuses on the organization as a whole rather than segments within the organization. Managerial accounting focuses on the future of the organization. Managerial accounting must follow GAAP. Managerial accounting values precision over timeliness.

____ 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...

Racism is most closely associated with which of the following?

Racism is most closely associated with which of the following? ideologies structural Functionalism education Thistoricity

1.According to GAAP, to be useful, accounting information must be all of the following EXCEPT: Relevant...

1.According to GAAP, to be useful, accounting information must be all of the following EXCEPT: Relevant Reliable Subjective Comparable 2. An increase in the cost of goods sold would cause a company’s profit margin to a. increase. b. decrease. c. remain unchanged. d. Must be offset by an increase in the selling price. 3. Which of the following is not an element of internal control? Assigning responsibilities to individuals who have the authority to administer them...

19A. Which of the following is not a benefit of Managerial Accounting? A. Provides the cost...

19A. Which of the following is not a benefit of Managerial Accounting? A. Provides the cost of manufacturing a product B. Produces financial statements for external parties C. Analyzes potential efficiencies from automation D. Analyzes how many units need to be sold to cover expenses 19B The type of Managerial Accounting that focuses on social and environmental impacts is known as: A. Profitability B. Sustainability C. Solvency D. Liquidity

For each of the following activities, indicate which of the objectives of managerial accounting activity is...

For each of the following activities, indicate which of the objectives of managerial accounting activity is involved. In some cases, several objectives may be involved. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) 1....

For each of the following activities, explain which of the objectives of managerial accounting activity is...

For each of the following activities, explain which of the objectives of managerial accounting activity is involved. In some cases, several objectives may be involved. 1. Developing a bonus reward system for the managers of the various offices of the American Automobile Association. 2. Comparing the actual and planned cost of a consulting engagement completed by an engineering firm such as Allied Engineering 3. Determining the cost of manufacturing a tennis racket at Wilson Sporting Goods 4. Measuring the 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

Subjects