34 National Detergent Company SAOG evaluate their financial performance through various reports which are provided to them. Find out one of the following accounting prepare and provide special types of reports which are used by the top level management of an organization? a. Cost accounting b. In All these accounting c. Management accounting d. Financial accounting

34 National Detergent Company SAOG evaluate their financial performance through various reports which are provided to them. Find out one of the following accounting prepare and provide special types of reports which are used by the top level management of an organization? a. Cost accounting b. In All these accounting c. Management accounting d. Financial accounting

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 7MC: Organizational charts _____. A. list the salaries of all employees B. outline the strategic goals of...

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Management accounting: emphasizes special-purpose information relates to the company as a whole is limited to strictly cost figures is controlled by GAAP
An effective managerial accounting system should track information about an organizations activities in which of the following areas? a. Development b. Marketing c. Production d. Design e. All of these.
Organizational charts _____. A. list the salaries of all employees B. outline the strategic goals of the organization C. show the structure of an organization D. help management measure financial performance
Think about the organization chart in Figure 1.7. Describe ways in which each of the accounting and managerial functions might overlap and complement each other.
Describe the nature and scope of management accounting? Nature of management accounting:. 1.Provids financial data: Management accounting provides financial data to the management and information so collected is used by the management for taking policy decisions. 2.Decision making: The management accounting supplies necessary information to the management, basing on which decision are taken. Scope of management of accounting:. 1.Financi accounting. 2.Cost accounting. 3.Revaluatiom accounting. 4.Budgetary control.
Compare managerial accounting and financial accounting in terms of the following: • types of financial statements prepared • users of these financial statements • timing of activities reported on • compliance with accounting standards
Comparing managerial accounting and financial accounting Match the following terms to the appropriate statement. Some terms may be used more than once, and some terms may not be used at all. a. Accounting systems that must follow GAAP b. External parties for whom financial accounting reports are prepared. c. The role managers play when they are monitoring day-to-day operations and keeping the company on track. d. Internal decision makers. e. Accounting system that provides information on a company’s past performance. f. Accounting system not restricted by GAAP. g. The management function that involves choosing goals and deciding how to achieve them.
Organizational charts ________. Group of answer choices list the salaries of all employees outline the strategic goals of the organization show the structure of an organization help management measure financial performance
Financial statements are prepared in the light of applicable financial reporting framework. What is the purpose of preparation of financial statements a. To assist management in takin managerial decisions O b. For ascertainment and control of cost of product c. For ascertainment and control of cost of service d. To know financial performance, position and contribution of owner in the business
PLEASE ANSWER ALL 10. Which of the following does the planning function involve?a. Analyzing financial statementsb. Setting goals and objectives for an entityc. Hiring the right people for a particular jobd. Coordinating the accounting information system 11. The ethical standards established for management accountant are in the areas ofa. Competence, licensing, reporting, and education.b. Budgeting, cost allocation, product costing, and insider trading.c. Competence, confidentiality, integrity, and objectivity.d. Disclosure, communication, decision making, and planning. 12. Management accountinga. Must follow generally accepted principles.b. Information should be developed within the same general accounting system asfinancial accounting.c. Deals primarily with the needs of parties external to the firm such as investors and creditors.d. Is just another financial term.
47 I. Financial accounting info. is usually used exclusively by internal parties such as managers.II. Financial accounting info. is presented according to generally accepted accounting principles.III. Managerial accounting info. includes items like budgets, performance evaluations, and cost reports.Which statement(s) is(are) true?
The accounting system should provide information for: Select one: O A. Reporting actual performance to managers O B. Strategic decisions O C. Preparation of financial statements O D. All of the above.