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Exam 1 (CH 1,2,10,13) - ACCTMIS 3300 Questions with Correct Answers CA$19.19   Add to cart
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Exam 1 (CH 1,2,10,13) - ACCTMIS 3300 Questions with Correct Answers
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  • Acct 3300

Financial accounting Correct Answer-- measures and records business transactions and provides financial statements that are based on GAAP - focuses on reporting to external parties (creditors/investors/banks etc) Management accounting Correct Answer-- measures, analyzes and reports financial an...

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  • August 10, 2024
  • 30
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • exam 1 ch 121013 acctmis 3300 questions wit

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Exam 1 (CH 1,2,10,13) - ACCTMIS 3300 Questions
with Correct Answers
Financial accounting Correct Answer-- measures and records business
transactions and provides financial statements that are based on GAAP
- focuses on reporting to external parties (creditors/investors/banks etc)


Management accounting Correct Answer-- measures, analyzes and
reports financial and non-financial information that helps managers
make decisions to fulfill the goals of an organization
- focuses on internal reporting
- does not have to follow set rules or principles


Cost accounting Correct Answer-- measures, analyzes and reports
financial and non-financial information relating to the costs of acquiring
or using resources in an organization
- specialized accountants that know where to put what costs and why
- provides information for both financial and management accounting


Managers use management accounting information to: Correct Answer--
develop, communicate and implement strategies
- coordinate design, operations and marketing decisions and evaluate a
company's performance


Purpose of information : management accounting Correct Answer-- help
managers make decisions to fulfill an organizations goals

,Primary users : : management accounting Correct Answer-- managers of
an organization
- internal parties


Focus and emphasis : : management accounting Correct Answer-- future
oriented
- ex. budget for 2023 was prepared in 2022


Rules of measurement and reports : management accounting Correct
Answer-- internal measures and reports DO NOT have to follow GAAP
- based on cost-benefit analyses


Time span and types of reports : management accounting Correct
Answer-- time span varies; could be hourly, weekly or years etc
- financial and non-financial reports on products, services, departments
etc


Behavioral implications : management accounting Correct Answer--
designed to influence the behavior of managers and other employees


Purpose of information : financial accounting Correct Answer--
communicate an organizations financial position to investors, banks,
regulators and other outside parties

, Primary users : financial accounting Correct Answer-- external users
such as investors, banks, regulators and suppliers


Focus and emphasis : financial accounting Correct Answer-- past
oriented
- ex: company's performance for the entire year of 2022


Rules of measurement and reporting : financial accounting Correct
Answer-- financial statements must be prepared in accordance with
GAAP
- must be certified by an external, independent auditor


Time span and type of reports : financial accounting Correct Answer--
annual (10K) and quarterly (10Q)
- focuses on company as a whole


Behavioral implications : financial accounting Correct Answer--
primarily reports economic events but also influences behavior because
a managers compensation is often based on the reported financial results


Cost management Correct Answer-- the approaches and activities of
managers to use resources to increase value to customers and achieve
organizational goals

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