Project 1 Number Cruncher VS

Which statement is correct:   Select one: a. Management accounting’s focus and emphasis is on past-oriented reports. b. The purpose of financial information in management accounting is to communicate organization's financial position to investors, banks, regulators, and suppliers. c. All statements are correct. d. Management accounting focuses on measuring, analyzing, and reporting financial and nonfinancial information to help managers estimate future revenue, costs, and other measures to forecast activities and formulate strategies to increase the competitive advantage of the organization. e.   In management accounting, rules of measurement reporting require financial statements, e.g. prepared for the budgeting purpose, to be prepared in accordance of GaAAP.

B. Respond to the following statements and questions in thediscussion forum. Try to do this without looking back at the text.True (T) or False (F): T F1. Management accounting provides economicand financial information for external userssuch as shareholders, creditors and banks. 2. Financial accounting provides information formanagers and other internal users. 3. Financial accounting reports past results.  4. Management accounting is future oriented.  5. Management accounting is required to followgenerally accepted accounting principles. 6. Financial accounting examines monetary andnon-monetary events. 7. Cost accounting is used as a means of fixinga selling price. 8. Cost accounting looks at the company as awhole and not at the various units, jobs orprocesses. 9. Financial accounting is concerned with howand why profits arise. 10. Cost accounting depends entirely on historicalinformation 

PROBLEM Below is a list of the qualitative characteristics identified in FASB Statement of Financial Accounting Concepts No. 2. Following the list is a series of descriptive phrases. a. feedback value b. relevance c. decision usefulness d. reliability e. comparability f. predictive value g. varifiability h. consistency i. representational faithfulness j. timeliness k. neutrality _____ 1. When information can make a difference in a decision. _____ 2. Making information available when it is needed. _____ 3. When accounting policies and procedures are unchanged from period ro period. _____ 4. When information is verifiable and neutral. _____ 5. Occurs when the measurement results can be duplicated. _____ 6. The overall qualitative characteristics accounting information should possess. _____ 7. When information enables decision makers to confirm prior expectations. _____ 8. When accounting information is reported the same way by different companies.  Required: Match each characteristic…

1ACCT1002 – Introduction to Financial AccountingUWI Open CampusACCT 1002INTRODUCTION TOFINANCIAL ACCOUNTINGWorksheet 1 Tutorial Worksheet # 1Accounting and the BusinessEnvironment1. The primary objective of financial reporting is to provide information useful formaking investment and lending decisions. To be useful, financial information mustpossess certain characteristics. State these characteristics and discuss each.2. Accountants often refer to GAAP. What does the acronym GAAP means and why isit important in accounting?3. What does the acronym FASB represent and what role does it play in financialaccounting?4. Suppose you are the sole owner of a bicycle sales and repair shop for many years.Which business type would best protect your personal assets from product liabilityexposure and why.5. Suppose you and a friend developed a new technology for home computer systems.However, you both need to raise a large amount of capital to build the productionand support facilities to market the…

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.

Which of the following refers to financial accounting? Question 9 options: a) Regulations or standards govern the information provided to users. b) The focus is on using information from the formal accounting system to guide the organization's activities. c) Reports provided to users are timely and focus on the future. d) The users of the information provided include managers and executives within the organization. e) Users utilize both financial as well as nonfinancial information to make decisions.

Ma1. Suppose you are hired as a consultant for a new venture in the financial services sector, explain five reasons why they should conduct an EPS/EBIT analysis during the strategy implementation phase.

Answer of the following question related to these characteristics and constraints. Jeff Brown is evaluating two companies for future investment potential. Jeff’s task is made easier because  both companies use the same accounting methods when preparing their financial statements. Which  characteristic does the information Jeff will be using possess?

Exercise 1 Convergence. One of your clients has recently read about the goal ofconverging to International Accounting Standards and they are concerned about what impact itmay have on their company. 1. Discuss some of the costs that a company might incur as part of its converging with Interna-tional Accounting Standards.

True (T) or False (F): T F1. Management accounting provides economicand financial information for external userssuch as shareholders, creditors and banks. 2. Financial accounting provides information formanagers and other internal users. 3. Financial accounting reports past results.  4. Management accounting is future oriented.  5. Management accounting is required to followgenerally accepted accounting principles. 6. Financial accounting examines monetary andnon-monetary events. 7. Cost accounting is used as a means of fixinga selling price. 8. Cost accounting looks at the company as awhole and not at the various units, jobs orprocesses. 9. Financial accounting is concerned with howand why profits arise. 10. Cost accounting depends entirely on historical

Q19 Ms. Sabiha submitted the financial reports of the company in a theoretical form, whereas she needs to draft in to a tabular form showing proper statistics so that the report is immediately understood by the users. Which feature of useful financial information is neglected by Ms. Sabiha? a. Timeliness b. Relevance c. Comparability d. Understandability

PLEASE ANSWER ALL 13. Which of the following is a true statement?a. Neither financial nor management accounting are mandatory.b. Both financial and management accounting emphasize relevance and flexibility.c. Both financial and management accounting place more emphasize on past.d. Both financial and management accounting are based upon the concept of stewardship. 14. Financial accounting is concerned with:a. The company as a whole rather than with segments of a company.b. The needs of stockholders and creditors.c. Meeting the requirements of internal users only.d. Recording the financial history of an organization. 15. The basic difference between management accounting and financial accounting is that:a. Financial accounting is a division of accounting that is Concerned with providing information to stockholders whereas management accounting is concerned with providing information to managers for their use in directing the activities of the organization.b. Financial accounting relies…

1. A company's accounting information system (AIS) plays an important role in the conversion cycle. Do you agree that the design of a company's conversion cycle AIS should go beyond merely meeting external financial reporting requirements? Do you agree that accountants should only focus on preparing for financial statements and leave the design of the AIS to information systems specialists? Please explain in no more than 300 words.

10. Which of these is a similarity between financial accounting and managerial accounting? Select one: A. Both report to the same group of accounting users. B. Both report past financial events. C. Both use the same accounting standards of MASB. D. Both provide information for decision making. 11. Which of the followings is NOT a temporary or nominal account? Select one: A. Utility Expense. B. Prepaid Insurance. C. Drawings. D. Depreciation Expense. 12. Which of the following statements related to expenses is CORRECT? Select one: A. Expenses decrease owner's equity and has a credit normal balance. B. Expenses increase owner's equity and has a debit normal balance. C. Expenses decrease owner's equity and has a debit normal balance. D. Expenses increase owner's equity and has a credit normal balance. Just answer the question without explanation. Thanks in advance