ACC 241 Exam 1 Questions and
Answers | 100% Pass
Management Accounting - ️️ Correct-a profession that involves partnering in
management decision making, devising planning and performance management
systems, and providing expertise in financial reporting and control to assist
management in ...
What are the differences between financial and managerial accounting? - ✔️✔️Correct--
primary users
-purpose of info
-primary accounting product
- what is included in reports and how they are formatted
-underlying basis of info
- emphasized info characteristics
- business "unit"
- who verifies the info
- gov. requirements
- affect on employee behavior
Who are the primary users of information in financial accounting? - ✔️✔️Correct-external
users: creditors, stockholders and gov. regulators
What is the purpose of the info in Managerial accounting? - ✔️✔️Correct-to help
managers plan, direct, and control business operations and make business decisions
What is the purpose of the info in financial accounting? - ✔️✔️Correct-to help external
users make investing and lending decisions
What is the primary accounting product in MA? - ✔️✔️Correct-any internal accounting
report deemed worthwhile by management
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