١٢ O d. $30O e $6Which one of the following statements is not correct regarding financial accounting and management accounting?O a.Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports whicdo not need to be audited.O b. Only financial accounting involves the use of accounting information.None of the given answersJImO d. Financial accounting needs to follow specific set of rules called accounting standards unlike management accountrige.Management accounting information emphasize supporting decisions that affect the future unlike financial accountininformation, which focus on the consequences of past activities of the organization.GENEXT PAGE

Financial accounting is the process of recording all the financial transactions into the books in…

Which one of the following statements is not correct regarding financial accounting and management accounting? Oa Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports whi do not need to be audited. O b. Only financial accounting involves the use of accounting information. Oc. None of the given answers Jm O d. Financial accounting needs to follow specific set of rules called accounting standards unlike management accountig O e. Management accounting information emphasize supporting decisions that affect the future unlike financial accounti information, which focus on the consequences of past activities of the organization.

Which one of the following statements is not correct regarding financial accounting and management accounting? Oa Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports whi do not need to be audited. O b. Only financial accounting involves the use of accounting information. Oc. None of the given answers Jm O d. Financial accounting needs to follow specific set of rules called accounting standards unlike management accountig O e. Management accounting information emphasize supporting decisions that affect the future unlike financial accounti information, which focus on the consequences of past activities of the organization.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter16: Advanced Topics Concerning Complex Auditing Judgments

Section: Chapter Questions

Problem 16MCQ

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Which one of the following statements is not correct regarding financial accounting and management accounting? O a. Management accounting information emphasize supporting decisions that affect the future unlike financial accounting information, which focus on the consequences of past activities of the organization. O b. None of the given answers O c. Financial accounting needs to follow specific set of rules called accounting standards unlike management accounting O d. Management accounting reports need to be audited to verify their accuracy unlike financial accounting reports which do not need to be audited. Both financial accounting and management accounting involve the e. use of accounting information.
الوقت المتبقی 1:26:18 Which one of the following statements is not correct regarding financial ?accounting and management accounting Both financial accounting and management accounting involve the .use of accounting information Financial accounting needs to follow specific set of rules called b accounting standards unlike management accounting .a si Management accounting reports need to be audited to verify their accuracy unlike financial accounting reports which do not need to be audited .C Management accounting information emphasize supporting .d decisions that affect the future unlike financial accounting information, which focus on the consequences of past activities of the organization None of the given answers .e
Which of the following statements is false? Select one: O A. Management accounting statements need not comply with Accounting regulations O B. Financial accounting statements normally reflect more detail than would be found in management accounting reports O C. Management accounting reports emphasise future activities and future costs O D. Financial accounting data are directed primarily at external users rather than internal users.
Which one of the following statements is not correct regarding financial accounting and management accounting? Both financial accounting and management accounting involve the use of accounting information. a. b. None of the given answers Financial accounting information emphasize supporting decisions that affect the future unlike management accounting information, which focus on the consequences of past activities of the С. organization. d. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. Financial accounting needs to follow specific set of rules called accounting standards unlike Management accounting e.
O e. OMR 363,000 CLEAR MY CHOICE Which one of the following statements is not correct regarding financial accounting and management accounting? O a. Both financial accounting and management accounting involve the use of accounting information. O b. Management accounting needs to follow specific set of rules called accounting standards unlike financial accounting O c. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. O d. Management accounting information emphasize supporting decisions that affect the future unlike financial accounting information, which focus on the consequences of past activities of the organization. O e. None of the given answers NEXT PAGE COURSE OUTLINE_SPRING2021 ► UIZ TWO Jump to... SQU CET_2021 O CONTACT US SQU_Old-library Building LOGUE-MO..pptx MacBook Air
Which one of the following statements is not correct regarding financial accounting and management accounting? O a. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited. O b. Only financial accounting involves the use of accounting information. Management accounting information emphasize supporting decisions that affect the future unlike financial accounting information, which focus on the consequences of past activities of the organization. O c. O d. None of the given answers Financial accounting needs to follow specific set of rules called accounting standards unlike management accounting O e.
Which one of the following statements is not correct regarding financial accounting and management accounting? O a. Management accounting reports need to be audited to verify their accuracy unlike financial accounting reports which do not need to be audited. O b. Both financial accounting and management accounting involve the use of accounting information. O c. None of the given answers O d. Management accounting information emphasize supporting decisions that affect the future unlike financial accounting information, which focus on the consequences of past activities of the organization. Financial accounting needs to follow specific set of rules called accounting standards unlike management accounting O e. S PAGE
Which one of the following statements is not correct regarding financial accounting and management accounting ? a . None of the given answers b. Financial accounting information emphasize supporting decisions that affect the future unlike management accounting information , which focus on the consequences of past activities of the organization . c. Financial accounting needs to follow specific set of rules called accounting standards unlike Management accounting d. Both financial accounting and management accounting involve the use of accounting information . e. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be audited .
Which one of the following statements is false? O A. Management accounting reports tend to be specific. O B. Management accounting reports are produced as often as required. O C. Management accounting reports are subjected to the principles and practices of GAAP. O D. Management accounting reports are not required by law.
Financial accounting data prepared in accordance with GAAP. But management accounting don’t follow any rules?
"Generally accepted accounting principles (GAAP) assist the development of management accounting systems." Do you agree? Explain. Question content area bottom Part 1 A. No. Although GAAP applies to internal accounting reports, managers rarely use it to develop management accounting systems. B. Yes. GAAP applies only to internal accounting reports. Therefore, managers must develop management accounting systems to comply with GAAP. C. No. GAAP applies to financial reporting for external users. Internal accounting reports are not restricted by GAAP. D. Yes. GAAP applies to internal accounting reports as well as financial reporting for external users. Managers must use GAAP in the development of all accounting systems.
TRUE-FALSE STATEMENTS 1. Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports.