When an accountant serves the needs of internal users, generally works for one organization, and prepares specialized reports to assist in decision making, that accountant is engaged in: Select one: a. financial accounting b. managerial accounting c. consulting d. none of the choices

When an accountant serves the needs of internal users, generally works for one organization, and prepares specialized reports to assist in decision making, that accountant is engaged in: Select one: a. financial accounting b. managerial accounting c. consulting d. none of the choices

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 10MC: Which of the following statements is incorrect? The practice of management accounting is fairly...

See similar textbooks

Related questions

Q: Who is responsible for assessing the accountant's competence? A The American Institute of Certified…

A: AICPA (The American Institute of Certified Public Accountants) is the Certified Public Accountant's…

Q: What are the different Decision support systems in accounting? (basic accounting decision support…

A: A decision support system is an interactive data platform that analyses huge amounts of data in…

Q: Which of the following refers to financial accounting? Question 9 options: a) Regulations or…

A: Financial accounting is a section of accounting profession which focuses on reporting transactions…

Q: accounti

A: There are various branches of accounting say Financial Accounting, Cost Accounting, Management…

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

Q: directed towards future and present, b) follows standards and norms, c) helps managers in decision…

A: Financial statements comprises of the following: Balance Sheet Income statement Statement of Cash…

Q: Window Dressing is done by (may have more than one answer)? Check All That Apply Financial Analysts…

A: Window dressing is actions taken to improve the appearance of a company's financial statements. In…

Q: Explain the steps that should be taken by an internal accountant/CMA when there is a difference of…

A: When the CMA has difference in opinion between with one's supervisor regarding an accounting or…

Q: The definition 'Management accounting is concerned with accounting information that is useful to…

A: Explanantion: In normal language any system of accounting, that assists management in carrying out…

Q: Private accounting, as a sub-discipline of accounting, includes: Select one: a. Management…

A: 1. Private accounting, as a sub-discipline of accounting, includes Cost Accounting, Financial…

Q: Accounting information provides useful information about business transactions and events. Those who…

A: SOLUTION- RELEVANCE REFERS TO THE PROPERTY OF INFORMATION BEING CAPABLE OF MAKING A DIFFERENCE IN…

Q: Financial Accounting and Reporting, Advanced Financial Accounting and Reporting, Management…

A: The duties of a controller include assisting with the preparation of the operating budget,…

Q: Framework, qualitative characteristics of accounting information are essential to assist decision…

A: The accounting information are one of the most important informations as it help it's user that…

Q: Ethical conduct and professional judgment each play important roles in the accounting process.a. In…

Q: Identifying users of accounting information For each of the users of accounting information,…

A: Internal decision maker: The users who are part of the company and are interested in the details of…

Q: Public Accounting, as a sub-discipline of accounting, includes: Select one: O a. Management…

A: Accounting is the process that performs the functions of recording, classifying and presenting…

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial accounting is a branch of accounting which means preparation and circulation of financial…

Q: how accounting information helps shareholders and lenders to make decisions concerning the…

Q: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…

A: Management is primarily responsible for the preparation and presentation of financial statements.…

Q: Which of these persons generally does not participate in writing the management letter?a. Client’s…

A: Answer: Option a.

Q: Which of the following statements is incorrect? Select one: a. Reports produced using management…

A: Management accounting is that branch of accounting under which financial accounting information is…

Q: Conceptually, the main difference between financial accounting and managerial accounting is that…

A: Internal users are the users that work for the company for its internal growth i.e., managers,…

Q: Management accounting and financial accounting differ in that management accounting information is…

A: Management accounting and financial accounting are very much similar and differ mainly in two…

Q: Which of the following skills/attributes is not a primary skill for accountants to possess? A.…

A: The answer for the multiple choice question is given hereunder :

Q: Professional judgment plays a major role in the practice of accounting.a. In general terms, explain…

A: Accounting process: Accounting process is a system of collecting and organizing economic…

Q: Which of the following is true of financial accounting, but not true of managerial accounting?…

A: The accounting is a process to identify the business transactions, record the transactions and…

Q: Accounting information provides useful information about business transactions and events. Those who…

A: SOLUTION- UNDERSTANDABILITY IS THE CONCEPT OF FINANCIAL INFORMATION SHOULD BE PRESENTED SO THAT A…

Q: Which one of the following statements is not correct regarding financial ?accounting and management…

A: Financial accounting is a branch of accounting in which all accounting and financial information is…

Q: Management accounting provides economic and financial information for external users such as…

A: We shall answer the first question since the exact one wasn't specified. Please resubmit a new…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: External users of accounting information are those persons which are external to the organisation…

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

Q: Identifying users of accounting information For each user of accounting information, identify if the…

A: Identify the users of the accounting:

Q: Identifying users of accounting information For each user of accounting information, identify if the…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Accounting information provides useful information about business transactions and events. Those who…

A: Since we only answer up to 3 sub-parts of question 1, we’ll answer the first 3. Please resubmit the…

Q: Accounting information provides useful information about business transactions and events. Those who…

A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: Which of the following statements regarding the competence of an accountant is true? The accountant…

A: The question is based on the concept of Accounting Theory. As per the Bartleby guidelines we are…

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

A: Answer: Management Accounting

Q: Which of the following is not included in the Code of Ethics for professional accountants? a.…

A: Professional accountants of the company means accountants that have a valid degree. Ethics means…

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

A: Financial Accounting: It refers to the process of recording the financial transactions of the…

Q: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…

A: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…

Q: Which of the following statement is not true? Select one: O a. A non-accounting graduate may work as…

A: Q1. The following Statement is not true : C. To be a good accountant, one must have mastery of…

Q: 1 Identify the relevance of “Professional Competence and Due Care” with one of the following…

A: An audit is a process of checking and verifying the books of account and financial information of…

Q: (GAAP) a

A: GAAP refers to the set of accounting principles, procedures, or systems that aim to bring clarity,…

Q: Many accounting professionals work in one of the following three areas.A. Financial accounting B.…

A: Accounting in business can take form of financial accounting, management accounting, cost accounting…

Question

When an accountant serves the needs of internal users, generally works for one organization, and prepares specialized reports to assist in decision making, that accountant is engaged in:

Select one:

a. financial accounting

b. managerial accounting

c. consulting

d. none of the choices

Definition Definition Process by which financial information is analyzed, interpreted, and communicated to managers to support the achievement of an organization's goals. The main objective of managerial accounting is to maximize profits and minimize losses.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following skills/attributes is not a primary skill for accountants to possess? A. written communication B. verbal communication C. ability to work independently D. analytical thinking E. extensive computer programing background
Which of the following is least likely to be an accountant’s role in the SDLC? a. user b. consultant c. auditor d. programmer e. all of these are likely roles
Which of the following statements is incorrect? Select one: a. Reports produced using management accounting must follow GAAP. b. The information gathered from management accounting is not required by law. c. The practice of management accounting is fairly flexible. d. Management accounting focuses mainly on the internal user.
Which of the following statements is not correct about management accounting OA. The information is more future-based OB. Different departments within the organisation make use of the information OC. The information is subject to the Chartered Institute of Management Accounting principles OD. The information provided is not for general use
The techniques and practices of management accounting are usually constrained by: Select one: O A. Accounting standards issued by the accountancy profession O B. Needs of internal users O C. Needs of shareholders O D. None of the above
Which of the following statements is incorrect? a.Management accounting focuses mainly on the internal user. b.The information gathered from management accounting is not required by law. c.The practice of management accounting is fairly flexible. d.Reports produced using management accounting must follow GAAP.
"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.
Which of the following statements is incorrect?A. The practice of management accounting is fairly flexible.B. The information gathered from management accounting is not required by law.C. Management accounting focuses mainly on the internal user.D. Reports produced using management accounting must follow GAAP.
What is the role of the accountant in the SDLC? Why might accountants be called on for input into the development of a nonaccounting information system?
1. Which of the following is not an internal user? a. Creditor b. Department manager c. Controller d. Treasurer 2. Internal reports are generally a. aggregated. b. detailed. c. regulated. d. unreliable. 3. The reporting standard for external financialreports isa. industry-specific.b. company-specific.c. generally accepted accounting principles.d. department-specific. 4. A distinguishing feature of managerial accountingisa. external users.b. general-purpose reports.c. very detailed reports.d. quarterly and annual reports. 5. The job cost sheet does not showa. costs chargeable to a specific job.b. the total costs of a completed job.c. the unit cost of a completed job.d. the cost of goods sold. 6. Which one of the following best describes a jobcost sheet? a. It is a form used to record the costs chargeableto a specific job and to determine the total and unit costs of the completedjob.b. It is used to track manufacturing overhead coststo specific jobs.c. It is used by management to…
Include examples of the type of information and reports the management accountant can provide.
In comparison to the external auditor, an internal auditor is more likely to be concerned with O a. Accounting system O b. Internal control system O c. Legal compliance O d. Cost ACcounting