Exam (elaborations)

TEST BANK FOR FINANCIAL & MANAGERIAL ACCOUNTING, 20TH EDITION BY WILLIAMS, BETTNER AND SMITH | COMPLETE 26 CHAPTERS EXAM WITH ACTUAL QUESTIONS AND COMPLETE 100%CORRECT ANSWERS WITH VERIFIED AND WELL EXPLAINEDRATIONALES ALREADY GRADED A+ BY EXPERTS |LATEST

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FINANCIAL & MANAGERIAL ACCOUNTING, 2

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FINANCIAL & MANAGERIAL ACCOUNTING, 2

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Uploaded on November 17, 2024
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Type Exam (elaborations)
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test bank for financial managerial accounting
financial managerial accounting
financial managerial accounting 20th edition
financial managerial accounting exam 2024
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Institution FINANCIAL & MANAGERIAL ACCOUNTING, 2
Course FINANCIAL & MANAGERIAL ACCOUNTING, 2

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TEST BANK FOR FINANCIAL &
MANAGERIAL ACCOUNTING, 20TH
EDITION BY WILLIAMS, BETTNER
AND SMITH | COMPLETE 26
CHAPTERS EXAM WITH ACTUAL
QUESTIONS AND COMPLETE
100%CORRECT ANSWERS WITH
VERIFIED AND WELL
EXPLAINEDRATIONALES ALREADY
GRADED A+ BY EXPERTS |LATEST
VERSION 2024 WITH GUARANTEED
SUCCESS AFTER DOWNLOAD
ALREADY PASSED!!!!!!! (PROVEN
ITS ALL YOU NEED TO EXCEL IN
YOUR EXAMS

1

,2

, Appendix B

What is the information base in MA?
Both factual, standard and plans, as well as forecasts
What is the frequency of information provided in FA?
Quarterly, annually
What is the frequency of information provided in MA?
Reports can be produced hourly, daily, weekly, as needed.
Early stage companies can use what kind of accounting?
Managerial accounting
Companies that are in the "further development" stage can use what type of accounting?
Local accounting & managerial accounting
Mature stage companies need to use what type of accounting?
Financial accounting
Define "separate accounting entity"
An enterprise is an accounting unit separate from its owners, creditors, etc.
Define "Money Measurement Concept"
All transactions and other items are to be accounted for must be in a single, supposedly-stable monetary
unit
Define "Continuity Concept"
A business will indefinitely continue into the future
Define "Historical Cost Principle"
The initial price paid for the acquisition of assets is the one that is recorded in the accounts
Define "The Revenue or Realization Principle"
Revenue is realized at the moment when goods are sold or when services are rendered.
Define "Accruals Concept"
Requires that income and expense must be recognized in the accounting periods to which they relate
rather than on cash basis.
Define "Matching Principle"
The revenues generated in an accounting period are identified with related expenses whenever they were
incurred.
Define "Periodicity Concept (Accounting period)"
Accounts should be prepared after every period and not at the end of the life of the entity
Define "Objectivity Principle"
Accounting information and financial reporting should be independent, verifiable and free from bias.
This means accounting information must be based on facts and not a preparer's opinion.
What is the accounting equation?
Assets = Liability + Owners' Equity
3

, Please explain the 3 parts of the accounting equation
Assets = Cash, Accounts Receivable (AR), trademarks/patents, investments

Liabilities = claims by debtors, Accounts Payable (AP)

Equity = claims by the owner
Debit is always on the _________ and Credit is always on the _________.
Debit is on the LEFT and credit is on the RIGHT.
Who is the "father of accounting" and in what year did he publish his book?
Luca Pacioli
Summa de arithmetica - 1494
Why do we need accounting?
To discover financial inconsistencies, fraud
Analyze and predict budgets
Compare different companies' financial reporting and performance
Define "accounting"
A way of recording, analyzing and summarizing transactions of a business.
What is the "language" of accounting?
Double entry bookkeeping
What is the idea of double entry?
The idea is that each entry is written down twice - Debit and Credit
What are the three main steps of accounting?
1. Recording the information
2. Ledgers
3. Financial statements
Cost and management accounting is concerned with providing management information concerning
what?
1. Planning
2. Control
3. Making decisions
What are some of the roles of Managerial Accounting?
Cost accounting
Budgeting
Making management decisions
Evaluating performance
Budgeting for capital costs and making decisions
Price formation
What are some of the roles of Managing Finance?
Planning and managing cash flows, including currency flows
Long-term financing decisions
Managing financial risks
Financing for investments
4

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Exam (elaborations)

TEST BANK FOR FINANCIAL & MANAGERIAL ACCOUNTING, 20TH EDITION BY WILLIAMS, BETTNER AND SMITH | COMPLETE 26 CHAPTERS EXAM WITH ACTUAL QUESTIONS AND COMPLETE 100%CORRECT ANSWERS WITH VERIFIED AND WELL EXPLAINEDRATIONALES ALREADY GRADED A+ BY EXPERTS |LATEST

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