information used in the financial accounting and management accountingAccounting EducationCost Accountinga.b.Tax AccountingAuditingOne of the differences of financial accounting from management accountingC.d.2.Financial accounting are beneficial to external users only.Financial accounting can be used by internal users only.Financial accounting produces reports known as the financial statementd.a.b.C.Financlal accounting, unlike management accounting, primarily aimshelp managers in their decision-making.The definition of government accounting came from3.a.Section 109 of Presidential Decree 1446b.Section 109 of Presidential Decree 1445Section 110 of Presidential Decree 1445d.Section 110 of Presidential Decree 1446Information produced by this branch of accounting aims to educate studentsthe field of accountancy4.Accounting EducationAccounting Researcha.b.C.Financial Acrnuntinarch

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mation used in the financial accounting and management accounting Accounting Education b. a. Cost Accounting Tax Accounting Auditing C. d. management accountin

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 1EA: Indicate whether each statement describes financial accounting or managerial accounting. The...

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Question

information used in the financial accounting and management accounting
Accounting Education
Cost Accounting
a.
b.
Tax Accounting
Auditing
One of the differences of financial accounting from management accounting
C.
d.
2.
Financial accounting are beneficial to external users only.
Financial accounting can be used by internal users only.
Financial accounting produces reports known as the financial statement
d.
a.
b.
C.
Financlal accounting, unlike management accounting, primarily aims
help managers in their decision-making.
The definition of government accounting came from
3.
a.
Section 109 of Presidential Decree 1446
b.
Section 109 of Presidential Decree 1445
Section 110 of Presidential Decree 1445
d.
Section 110 of Presidential Decree 1446
Information produced by this branch of accounting aims to educate students
the field of accountancy
4.
Accounting Education
Accounting Research
a.
b.
C.
Financial Acrnuntin
arch

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Typical accounting tasks include all of the following tasks except ________. A. auditing B. recording and tracking costs C. tax compliance and planning D. consulting E. purchasing direct materials
What are the key differences between financial accounting and managerial accounting?
Managerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAP
Indicate whether each statement describes financial accounting or managerial accounting. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. The principal users are the organizations managers. The key focus is on the entity as a whole. The rules and principles are very flexible. The information gathered is usually available after an independent audit has been completed.
Which of the following is considered a constraint on useful information by Statement of Financial Accounting Concepts No. 8? a. benefits costs b. conservatism c. timeliness d. verifiability
How do the subject matter of reports and the verification of reports differ between financial accounting and managerial accounting?
Which of the following groups would have access to managerial accounting information? A. bankers B. investors C. competitors of the business D. managers
External users of accounting information would include ________________. employees managers investors supervisors
Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.
An important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.
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